Saw this mentioned on Kotaku today so downloaded for little play. Looks really nice although there isn't much you can do currently. It'll be worth keeping an eye on.
I see great potential but currently it flies like an arcade. Mine also had an unrealistic load-out.
Now I flew with mouse and keyboard and it prevented me to do a barrel roll or any loops :(
It could be I missed something in the control setting (probably).
The cloud, shadow, sun, and rain effects are nice though.