The only effect that will not appear on the iPhone 4S is called Bloom Lighting. It's incredibly processor hungry and won't function on anything but the iPhone 5. It looks fantastic however...screenshots coming later tonight
I wads a little disappointed withe the first because it was just a fly around senary time deal but with cockpit and working controls, this might be a winner (definetly a winner for me!)
In addition to the cockpit and controls, I think you'll be extremely happy with the Las Vegas city that we've modeled. We have over 40 hotels and buildings accurately modeled and textured. The city is roughly 25x larger than the fictional city in the first Flight Unlimited. In addition, we have accurate satellite imagery at an amazingly high resolution. Flight Unlimited Las Vegas truly rivals PC flight sims in terms of graphic quality.
We're talking this over with the team this week. We're debating releasing the game a bit early in December without missions, or waiting until January or February to release the game with missions. If we go with the December route the missions will be available in a free app update.
In my opinion I would release game without missions first so people can get a feel of the game and get some experience then release the missions later, but that's just my opinion.