To get the true awesomeness of a flyby, you would need to simulate wind conditions effecting the soundwaves (so that windy weather makes the flybysound fade in-out frequently at distance, but the closer it gets the more defined and constant it becomes) Some sound frequencies (like long wavelength ones) travel further through air so the brooom sound from the engine may still remain, whilst the snapping of the exhaust-stacks and roar of the engine fade in and out as the plane approaches the viewer and then becomes very define as it rushes by, and then you hear the "clapping" sound from the aft of the exhaust-stacks.
ARMA II has a very very good sound engine (even masks/soften sounds behind vegetation/terrain/buildings) and portrays a VERY realistic soundscape.
The sound quality isn't 100% though thanks to youtube
Pay attention to the delayed explosion sounds (YES we have them in CLOD - sound distance travel) and the altered effect as the plane closes in and flys by the camera, and you can then here the jetblast "ripping" up the air.