Compare IL2 COD Config Files here. I get no MSAA effect in game

[TheGrunch]

Mine runs okay over land (30+, goes down to 12-15fps if I start slewing the view about quickly at very low altitude) with everything on very high or high apart from Forest at Medium and Buildings Amount at Low at 1280x1024 (shitty monitor), AA 8x. With those settings I even get a playable if not comfortable (12-20) fps over London. As you say, doesn't look like the AA option does much.