Maybe I'm drunk, but the game seems to load faster, and run smoother with in 4.12.
I'm very happy/impressed. Love the subtle changes.
The B1-6 still has unlimited power when out of fuel and using the ramjets, though.
And NIGHT time is still WAY too dark (the method by which night is rendered using the alpha channel (transparency) of the blackout effect is not a great implementation). At least, this is how I perceive it's accomplished.
By the way, I have HSFX and am able to easily disable it and installed 4.12 with no problems; but maybe because I do not use the auto-updater. I can explain how if anyone is interested (via PM).
I also now have created a MOD that brings it back to stock 4.11.1, then I can apply HSFX, etc. (DT.dll, files.sfs, fb_3do24.SFS, fb_maps18.SFS is all you need to backup/restore from 4.11.1 to 4.12.). The other SFS files are ignored with 4.11.1.
I've never, in 12 years have had more than one installation of IL2.

Now, I realize with DBW and UP that might be a problem, but HSFX is pretty clean and easy (although I despise auto-updaters).