I've got more of a high-end graphic card and computer, and frankly the graphic qualities are still like the older versions, with no collision detection on certain parts of scenery, signs and vehicles. Runway and vasi/papi lights are still just "dots" in the air, even with graphics turned up on best on every option.
Aircraft handling characteristics are perhaps a bit more realistic, I especially noticed some differences in P-factor, where they've made it more dependant on pitch attitude than just high power settings. Before, the aircraft would yaw a little all the time: now it will yaw a little all the time during takeoff, but ALOT more just at the time you lift off the ground and put the nose 30 degrees up.
So in my observation, this is still just another update/refurbishment of the old one, and nothing new and revolutionary. Loading times are still among the longest in the business - many games with much better graphics load almost instantaineous while some games, like this one and BF2 original takes AGES to load. Its like a "loading time versus quality" issue, whereby flight sim and certain other games load for a long time, but doesnt deliver astonishing graphics, while some other games (like Unreal Tournament) deliver even better graphics but doesnt take nearly as long to load.
I'll buy the sim when it is available just out of "duty and tradition", and I hope there will be an active community assuming responsibilities in the control towers making it a fun experience to fly online!
I had lots of problems with flickering on the aircraft model (B58), and black screen or panel upon reloading after a crash. And also like I said: crash detection is still on the BETA-level: I experienced crashing into nothing, and I experienced flying through buildings.