It's looking great so far. Thanks for this update. A few things i noticed or came to my mind. It could be because of graphics settings but i saw a lot of repetition in the sea surface (texture tiling). Maybe also because of the settings there was this tail that came off from the plane, without some kind of heavy explosion would this realy happen? I haven't seen any real footage of this (yet)
Lastly, bullet impact on the planes looks so real, but with small debry coming off it would be perfect, not just the big parts. Some kind of FX system could add a lot here.