Jobe's demo showed a plane flying around and fighting at dusk, complete with a nice, orange sky. One of the focuses of the game is to provide a sense of "ambient warfare," meaning there will be plenty of fighting going on, not just the conflict or dogfight that you're currently engaged in, though details on how crowded the sky will get seem a little scarce.
The demo's focus put the player's plane up against massive airships that hover above a procedurally-rendered ocean surface. Getting in close to the airship reveals some impressive detail, like weathered metal surfaces and very nice lighting effects. The game also appears to be able to push particles around very well, as there's a great deal of tracer fire being shown in the demo, as well.
While light on info about how the game will actually play, we can tell you that you will use a square reticle to target your enemies. Earth-shattering, we know. But the visual detail and particle effects are definitely impressive, and we're looking forward to seeing more.