It's arcady, but in a good way. It's about the tactics and knowing your enemy.
I've heard that using a joystick isn't the best way to control the planes as with the mouse you can set it up to 'lead' the plane. Whilst a joystick is direct input only. Which means you can follow the target better with the gunsights than trying to second guess with a joystick. But thats only what I've read on the forums.
The only issue I have with the mouse is that you can't set up the camera to follow the plane properly which is only a real pain when you go inverted or follow someone in a dive, you get used to it but the camera sometimes takes a fraction to long to 'snap' back to the planes orientation. Apparently thats being adjusted in the next update.
I've not even played WoT since WoWP came out. It's that good. And I loved WoT's.
At the end of the day mate, it is free to play. So if you don't get into it, you've not lost anything. But I think if you like old warbirds and a good fight and can work out some coping tactics for the premium PTW's (it can be done once you've worked out who you can go up against and how, thats why I like it.) then you will like WoWP's. Even just to watch all the control surfaces move about. The old geek in me loves watching planes move about that I used make the models of as a kid. Love it.
Get into it. You won't be disappointed. And if you ever see me (Funnybear there as well) then say hello.