I'm really impressed with BF1942, in terms of the first attempt of this type of game. I think its definitely a good start. However, right now I (as well as friends) am a bit disappointed with it. Here's my take:
First of its kind...
Very poor flying. The flying engine is so flaky.
The map boundaries are way to small for flying. Ya' can't really get some distance b/w you and your target in order to line up a good shot.
The ceiling limit is like 2000ft. How the hell can you make a good bomb run when you can't climb to >2000Ft. It is possible, but very difficult. Basically by the time your turn your plane and reacquire your target, you've already passed up your window for bomb release.
There's something I really hate about the actual first-person shooting engine. I don't know how to describe it but by giving an example. If your sniping from 2 miles, you have about a second before your dead meat. It's nothing like Ghost Recon. Somehow GR feels far more realistic.
I guess all modes of operation have this type of cheap realism to it. If it were not for the multiplayer emersion, this game would be worthless.