Its a shame I don't stop often stop to smell the roses and take in the view with COD whilst flying. Found this however:
It is dated earlier than the previous vid on WOP (World of Planes). Still not on the level of the COD War cry video... however, I think its shows some nice explosion and debris effects (see where ship gets hit + debris spewed out when plane explodes... the plane it self looks horrible in the explosion though)
For 1 second (0:15) it seems that tracer trails are affect by air flow of plane.
Whilst the scene from the ground battle looks very immersive compared to the old IL2 battles.
I agree on the clouds as well.
Glaring problem though... planes really do not look good...