I must say the graphics are very good.
As I've always emphasized, the most realistic touches comes from how the lighting is done. In that sense, the immersive level of graphical aura FA3.5 gives, is better than even IL-2 or FB. Yes, overall detail level is way superior in IL-2/FB, however, IL-2/FB has a sort of a 'pastel tone' graphics, whereas the 'tone' of FA3.5, is very strong. The best results would be the individual 3D rendering and modelling in IL-2/FB detail level + the overall lightings tone of FA3.5.
The rendering and 3D modelling of planes in AH isn't all that bad either - the really big reason the graphics look so dated, is that the limited light source in AH brings the lightings, shade, and reflective quality way down.
Some of the pics I've posted in these forums, show what difference it could make with a different lightings effects.
...
If I digress a bit, I'm related with the game industry a bit myself, and I compare a lot of game titles with each other. The really striking strong-point of Japanese games(console type), is how they implement multi-source lightings effects within a game.
Some recent titles like the latest Grantourismo series and etc, have an amazing quality of likeness to reality, and that is not because the 3D modelling is exceptionally good, rather, it is how the lightings are done.
As with any art, truly, "light" is what brings out the magic