It is possible to bent objects visually in real time, no problem. One would need to create so called "bones", each bone - is unbendable virtual object, to which vertexes from visual 3D object are assigned. Each vertex may be assigned to several different bones. While bones may be connected to each other under certain law. Move a bone - and attached to that bone vertexes will shift, visually bending the surface. Theoretically, one may create a set of bones for each structural element of airframe and bent it in any way he wants. The more bones - the more resources they eat, offcourse.
But from physical point of view (i.e. FM-wise), it hardly would have any sense. Or, to make it have sense, one would split physical model to the same number of fragments, as the number of bones in visual model and calculate all physics (aerodynamics, strength, etc.) for each of them. Which again quickly consumes calculation power of the computer. So, basically, such fidelity is far more then redundant for a game.
It is enough to have physical model split to a several dozens of fragments, for which the DM/FM calculated and respective to them visual parts with several state of "pre-modeled" damage, like you see on screenshot.
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