I did a quick testflight with an old save game, although after these many updates it is not recommended to use old save games, I just wanted a quick glance.
The first thing I realised was the new 3D tracker in the cockpit, looking more modern and adding so much SA and precision. The second thing I noted were the two fighters that started to shoot the crap out of me, and a long and intense dogfighting began where battles before were boring, super-easy and in the end: meaningless. This one now was a completely new ballgame, and I took heavy damage before I got rid of one and the other running.
Yes, all the long feature lists in their updates seem to have a meaning.

Yes, it seems to be a very different game now indeed.
For the moment it is Hunter and Assetto Corsa, but this quick test now set an exclamation mark that will remind me to come back to this one.