Right, so I played a couple of rounds yesterday. My overall impression is pretty positive so far, but there is a big caveat in terms of this game's monetization model, which has not been revealed so far.
Anyway.
The beta comes with two game modes. There are two single player missions (which are nothing fancy, although they do manage to evoke the good old feeling of Ace Combat 4 through music choice), and the online multiplayer.
In terms of handling, planes feel almost exactly like they did in AC4 through Zero, with the addition of an explicit maneuverability boost gained by deploying airbrakes in a turn. The Dogfight mode from AC:AH is gone, and not missed.
There is however a new feature called "datalink" in here. This basically rewards sticking to your wingman, as being near to each other will boost fire rate, maneuverability, and a few other things.
The multiplayer battles are short and fun. The game mode is Coop Vs, with two teams competing on how many enemy targets they can destroy. Missions usually last 4 Minutes or so, and successful completion of bonus objectives earns you research points that are automatically spent to unlock planes and equipment in the tech tree. In addition, planes themselves have a level, increasing it grants bonusses to the base stats.
In conclusion, provided the monetization model isn't completely bonkers, this game does provide at least some of the core thrills of older AC games, and the solo campaign looks to be a sort of best of compilation album of ACs past.