I did feel the same way as you about this Sim when it first came out. And in the same way, it got better for me when I got a better computer.
What I most like about it, is that it's the only Sim that lets you fly four-engined Bombers like the B-17, Lancaster, B-29 etc. When I say "only Sim", I'm excluding "B-17 Mighty Eighth", because that's more of a crew-management game; the viewing system is crazy; and the terrain graphics are a little bland and archaic. I also have to discount CFS2, because level bombing systems aren't integrated into the original package

Now these Bombers don't come with CFS3, but you can buy the Memphis Belle add-on from Just Flight; you can buy the FIREPOWER package containing B-17, Lancaster and B-29; or you could just download AVHistory's free collection of four Engine Bombers which include B-17, Lancaster etc.
All of this stuff is high quality, and thanks to the original Sim, you can actually start-up and control four engines individually with hardware like the CH Products Quad Throttle system.

If you're not into flying Bombers, then I can't recommend the Sim at all. Almost everything else is better done elsewhere. But then that's just my opinion, and the AVHistory guys would probably argue that I'm mistaken.

The only downside of this Sim is that M$ seem to have forgotten it: So no patches, no updates, no helpful advice on a dedicated site. Shame on you M$

Well, I wouldn't go as far as to say that it sucks, but it definately has been a bit of a dissappointment. What has been great for me has been playing with the flight models and trying my hand at developing aircraft. I'm currently trying ot get a WIGE aircraft to work.

I mean, here you can run around chasing V-1s all the way from the french coast, or alternatively make a few snap changes involving a V1 model, a Bf 109 cockpit and a few air files and Viola! suddenly you are flying the V1s (or rather Fi103s now I guess) into england for a little bit of suicidal bombing. Or snap one on to the wing of a He111 and enjoy the effect! All of this takes like 2 minutes to quickly configure, even for an absolute idiot like myself. (I especially enjoyed a "dogfight" i had involving my Fi103 and some spitfires! It worked like a bomb )

So basically while Il2 forgotten battles have been great, and even pseudo-flightsims like battlefield have provided better ingame flying action, the ability to rapidly reconfigure the aircraft has been the thing that made it fun for me. Plus there are numerous commerical and freeware add ons that make it more fun.

Oh, and if anyone gets an ekranoplan style aircraft going, send me a linky please!