Maybe I need to look for an old 486 with DOS 6.x that I can run Tornado and Falcon 3.0 on! X-Wing & TIE Fighter, too :)
WRT graphics vs realism, I got into flight sims back in the early (pre-HOTAS days, if you can believe there ever was such a time!) and one thing I've noticed is that some old sims with very dated graphics (Falcon 3.0, Tornado, Su27) are much more fun to play than some of the more recent sims with great graphics. I think this was because the developers knew there was only so much they could do graphics-wise so they concentrated on trying to put as much depth as possible into the sim instead. Kinda like a guy who wants to build a "sleeper" car on a budget, he's better off putting his money into the engine and suspension than doing bodywork and paint.
If photorealistic graphics AND absolute realism are possible in the same sim at the same time, then I'm all in favor of both. But graphics should never be given priority over realism, IMO.