Just got Apache Air Assault. A quick FRAPS recording of free flight:
YouTube - Apache Air Assault - Gameplay
Nice game. The flight model seems nicely done, and there seems to be a damage model (though not extremely detailed). On "realism" difficulty, it seems like a light sim. Overall the gameplay feels a bit arcadey, but not like HAWX. Graphics are amazing, and so far I get 40-50 frame rates constantly.
If you're looking for a flying game that is not too detailed, yet not HAWX or Blazing Angels, I would recommend it.