Those are some great films.... but you all seem to have missed out the best Air combat movie ever made - Iron Eagle! The story of a brave "All American" teenager, who steals an F16 and takes on an entire middle eastern country by himself (With a bit of help from Lou Gossett Jnr), just to save his dad... and, it has music by Queen.
The only possible film that can match that is Iron Eagle 3 (thanks for the correction DKwookie), when Lou Gossett Jnr gets together a bunch of WW2 pilots (one Yank, one Brit, A German, and one Japanese) to come out of retirement to fly one last mission... I can't find any youtube clips, but trust me, its awesome (In a cheesy, crap way)
In all seriousness though, Battle of Britain and The Blue Max are great movies, with awesome aerial photography. Some of the stuff in Top Gun is also pretty good (shame about the rest of the movie).
I'm looking forward to seeing George Lucas's film "Red Tails", about the Tuskogee airmen, but I suspect it will be a CGI filled cheesefest.
And speaking of George Lucas............