I've had a go on it too, it's good fun. I've not tried historical/realistic yet, as I've been getting a feel for it in arcade: but once I've got a Spitfire I'll try that out.
Arcade is good, but I can see it getting a bit "samey" very quickly - the performance envelopes seem to have been balanced out to make it less intimidating for rookies, meaning my Gladiator can keep up with a Spitfire... I want more "energy" fighting with proper tactics, at the moment you don't get much advantage from altitude, and momentum seems less important than it should be - try a boom and zoom. The boom works fairly well, but unless you put them down in one shot (unlikely, as far as I can tell) or climb out very early then the victim can normally follow you enough to put you down.
I'm hoping a realistic/historical battle, plus a couple of squaddies, will improve things: it's fun for now, but I can see myself getting bored of it without some more complexity. Oh, and it takes far too long to get anywhere in a bomber. I can do more damage with a fighter bomber on the deck than with a high altitude area bomber.
I'm audigex if anyone wants to squad up - particularly if you want to try some wingman tactics.