The lack of thrust I can kind of deal with. Mostly the planes just need to keep better speed in shallow turns. That, and the throttle needs to actually be a throttle.
The thing that gets me is the utter lack of rudder authority on all aircraft. The rudder is a primary flight control, every bit as important as the elevator and ailerons, and it is the main control used for fine-tuning gun aim. To have no rudder control above 100 mph is ridiculous. It takes me five miles just to aim the gun five degrees to the left. It's really like there's an auto-rudder effect that overrides my inputs, since I can clearly see the rudder move in turns.
The gun dispersion is too high, but that's easily fixed. It's listed at 15 mils in the data files. The gun should put 80% of rounds within a 5 mil circle in real life. "Dispersion = 0.006250" seems about right, since I really doubt ArmA uses a normal distribution for dispersion. (The number in the config is just in radians. It works exactly as you'd expect for vehicle weapons, but small arms seem to have half the dispersion listed in the config--or maybe I'm just imagining it.)