I don't know if 'disappointed' would be the right word for me - ever since they announced that the game would have a static campaign and a non-clickable cockpit, I already knew in advance that it would not be in the same class as Falcon. There's certainly fun to be had there, but... I can't dig deep enough to reach it, apparently.
Those two things are honestly the biggest design mistakes for a modern simulator and I hope no future title tries to repeat them, or even BOTH of them simultaneously. I think SHIII is proving how a dynamic campaign can make or break a good sim (and in SHIII's case, it's even just quasi-dynamic, but still makes it so much more than just torpedo-shooting); as for the cockpits, just because it works for the bucket-of-bolts IL-2 planes (at the expense of detail), doesn't mean it'll work for an F-15.
Again, though, depends on what you want. If it's graphics and more plane variety, LOMAC it is. But in my view, F4's campaign and cockpit are worth all the graphics and all the planes of LOMAC, many times over.