Very interesting,
The world of flight sim development seems to be pretty small. I had a chance to meet TK for a few seconds back when I was working for Eidos, working on a WW2 flight sim called Confirmed Kill. TK and some others from Origin had gone out on their own and had a small company called Check Six and they did some work for us.
The publisher for Third Wire's, Wings Over Vietnam, is Destineer, which is the same publisher that broke it's contract with Aspect Simulations, which put Knights Over Europe out of business, which cleared the way for Take Two to release Wings of War. If Destineer is the publisher for TK's new WW1 sim, I certainly hope they do a better job of keeping their promises to him than they did in keeping their promises to Aspect.

From the few posts that I read on their forum it sounds like TK isn't getting any kind of support and everything has to be done on a small budget. Which means the player is going to get a "lite" sim because it's basically a modified version of the Strike Fighter engine that will now allow prop planes. But TK has one thing that Aspect never had and that's an "open source" set-up, which means players will be able to make their own planes.
I think the models shown in the screen shots are as good as the ones we had in KOE. I can see signs that their model builder/s probably used the same reference material from the internet that we did.
Me and my co-worker from Aspect hope that TK does well with this project. We believe the market is big enough to support more than one WW1 flight sim. Now that the movie Fly Boys has gone into post-production and who knows what Peter Jackson is cooking up, the future for media related to WW1 seems much brighter than it was 12 months ago.