let me show you the light !
No AA ? not important in the grand scheme of things (right now), can be dealt with later
No X64bit ? most russian customers pc's still run on 32 bit hardware/software
No DX11 ? most russian customers pc's still run on dx9 (see earlier stats quoted by B6). some of us here seem to forget the il2 and SoW series are primarily aimed at the russian/east-block market, having it released to the west is a very secondary aspect. we will get 64bit and dx11, it just wont be very soon for these obvious reasons, and stomping our little feet on the ground about it wont change anything in that regard.
The clouds ? yeps we all want/like nicer and newer clouds, not a show stopper (as long as terrain and cloud masking works for AI's)
particles, smoke ? eh buy a bigger and better pc if you want those, its high end eye candy for the rich
hit affects are still not working as intended ? easy fix
Tree's and shadows still flicker and shimmer ? tree collision models is probably a resource issue, right now we have more visible trees in a very large landscape then any other flight sim and we just aint got the pc's to crunch that number. i suspect that might not be solved even by BoM release (hope it will), just remeber you are buying a flight sim, not a tree sim

the shimmer and flikker is a gfx bug, relatively simple to fix and will be done (since other speed tree sims dont have this problem)
View range for aircraft is still way too low, with mid and far LOD's that are horrible ? yups i find that a MAJOR issue, but it is relatively easy to fix. CoD uses up to 10 LoD models versus the 3 in il2-1946, now the gfx engine is fixed altering the visibility of the more distant LoD models is fairly simple (not that i trust luthier to understand its importance, and be willing to direct this as a priority fix that will have a big positive impact on gameplay.
Ground object view distance is terrible and make bombing missions almost unplayable ? is linked to LoD models and a temporary byproduct of the new and improved gfx engine, again relatively easy to fix
Craters and far objects still show through landscape and cockpits ? annoying yes, but technically a minor issue to resolve, easy fix
Mirrors still dont work ? real men dont need mirrors ! you should be chasing the enemy, not let him chase you ! j/k, easy fix obviously (other then it being a resource hog, so must of us wont be able to switch it on even if it works)
That to me is not a working GFX engine: that to me is no reason to be a drama queen 6 - 9 months before release and imply the sky is falling in

we now have a basically working gfx engine and most main area's are already working and near completion. its largely a bug fixing stage now rather then new content creation (other then a few people working on new aircraft and objects etc). that is a very different stage of completion than having a non working gfx engine and main missing elements at the point CoD was released. and the good news is that they have a number of other very advanced elements that can be quickly included later on once the main sim is working (pilots with animation, control of vehicles, advanced weather systems etc..). in late 2012 the whole paradigm is rather different them may 2011, most here should be able to see this.