I wish more devs would release such high quality demos.
I found a control set-up where you can use the R-stick to freelook which is infinitely better than R3/D-pad.
The screen tearing is there (on PS3) but it's pretty minimal. There's also some frame drops occasionally when you access the map in-flight but again it's minimal.
It's quite an awesome experience when you go head-on with enemy fighters and you manage to tag one just as they buzz past your cockpit. Or when you're rolling into a formation of bombers from above narrowly missing a collision with one you just shot up.