A great starting point! Played with an Xbox 360 controller and it feels very similar to Ace Combat. Definitely a product of the UE4 with sharp plane models and smoke effects.
Specs:
GPU: Gigabyte GTX 950 Windforce
CPU: i3-4170 at approx. 3.7ghz
8GB RAM
OS: Windows 8.1
High settings at 48-60 fps, ran smoothly.
Suggestions:
1. Pitching down is rather difficult with a gamepad, as if the sensitivity wasn't tweaked enough (maybe this was intentional)
2. Maybe move the button to switch weapons to a more convenient spot (you switch weapons often but rarely need to look at the map)
This game is great for an alpha and I'm sure with normal progression (more planes/weapons/maps etc.) it will develop into a fine homage to Ace Combat.