Wow! Wow! Wow!
This patch is the shit!
I previously said that this game must be playable on medium settings on a midrange rig that is 2-3 years old. That day is now! I set all stuff to the default "medium" setting and then increased model detail to high. Now EVERYTHING can be done with the fps I feel that a game like this "deserve" on an old rig like mine... I did the bomber intercept mission over London in the Spit hunting those pesky He 111. I shot down two with the fps staying between 20 and 30 over London and rising to 40-50 when chasing them over the Thames Estuary. TOTALLY playable. Felt like IL2 most of the time!
I recorded this video to show the preformance. And then Fraps steals a lot of fps! Could not dream of this two weeks ago

It really must hurt that it was not this build that got released - A LOT! I am now confident that this game will be a hit, not that I have doubted. Gave it a 9.0 on Gamespot on the presumption that it would get fixed and was bashed for beeing a fan boy... Damn it's good to be right!
Video doing the standard "below the Tower Bridge thingy"
My old system:
Core 2 Duo E8400@3.3
GTX275 GPU
6GB DDR2
Windows 7 x64