I've done a lot of testing today, with post lighting effects on/off, shadows on/off, gamma from 1.0 to 1.3, fov from 60, 80, 100, 106, 120, reflections on/off, 1440p and 1080p and so forth.
Something I've noticed - when sitting stationary on the ground, LA7 for example, when you fire, with any of the above on/off, you can see the old spiral smoke tracers such as in AH2. Once airborne however, regardless of zoom level, those smoke trails disappear, and change to very tiny/thin smoke, or disappear entirely if you zoom in too far. Zoom greatly affects them, however as I said, when sitting motionless on the ground, you can see the tracers look almost the same as in AH2. I included a couple screenshots below demonstrating this. I took them at FOV 80, at about 80% zoom, with the tracers having flown about the same distance both airborne and on the ground stopped. The more you zoom once airborne, the more the smoke trails seem to vanish. On the ground - if that effect happened in the air, I don't think there would be a peep from anyone, as they really look much the same as AH2 IMO. I was also in a shallow climb just after take off only doing about 140 MPH when I fired and took the screenshot.
Could someone else try this and see if they get the same effect?