To be honest, I haven't even tried the retail vanilla FS2 after I bought it. Nostalgia-coloured glasses is not my preferable fashion choice. What I did instead was gping over to the Hardlight forums, get the Knossos mod manager, download half a dozen of most popular mods and overhauls, and start kicking butts.
One disclaimer: FS2. for all the arcade-ness, is pretty simulationist when it comes to controls. And with all the craziness on the battlefield you will want to run your fighter as smooth as possible.
Fortunately, you can re-map all the keys, and you better do it. If you don't have a stick, base your movement controls (pitch/turn) on the WSAD-cross, with acceleration nearby, a dozen or so other useful keys as you like them, ignore all the other controls and do the fine-aiming and firing with your mouse- and you're gonna be dandy. It is a pretty steep learning curve, but once you get rollin, it's fun AF.
Everyone else already gushed about how amazing the game is. Space sims don't get any better than this (and I loved both TIE Fighter and Wing Commander). The mods and overhauls will make the game look like it came out... well, maybe not yesterday, but circa 2010, and a lot of the fan content could pass for AAA products, no sweat.