I'm I the only one affected?
 

It seems since first release, that the graphic quality of the player's aircraft has been extremely, and I use that term to the full extent, reduced.

While the cockpit has still omph to it, the wings do not. Panel lines are, lacking in "pop" where they used to be stunning. Bullet holes, while I don't remember how they were to begin with, are now only black textures with no depth.

Has anyone else noticed this as well?

They have removed some effects I believe but I think/hope this has something to do with all the recent changes they have made to the graphics engine and they have to change them as well before we can see them properly.

Yes, you are the only one affected.