What texture is used for the sun glare effect? That might have something to do with it. I like it a lot, though some times if you maneuver quickly and the sun move behind a panel or other cockpit structure, the glare will not fade out until it is appearing to come out of the middle of an area where it should be blocked.

Would it be possible to get a full features list so we know what to look for?

Bugs - some have been around a while, others new, just restating them since it's a new version:
-Bomb craters flicker
-models using textures with an alpha channel to hide certain parts have shadows cast on them by the invisible parts
-reflector sight bug as mentioned before (alt-tab did improve this)
-sometimes at low level I will see a small roundish shadow on the ground not associated with a cloud, or terrain or any models.
-reflections (I know these are known issues but just describing how they appear)
-normal reflective aircraft do seem to have the r.dds working, but it also appears to change the color of the main texture somewhat as if it was a semi-transparent layer.
-glass actually does use the environment effect, but only very faintly. It may actually be the fresnel effect applied to the glass and not actual reflection.

Self-lit textures:
Very nice! I was able to experiment with making my own and made some luminescent gauge markings.

Reflector sights:
After alt-tabbing out and then going back in, I was able to get a good look at them. I attempted to make a new one using a different reticle texture. The new texture was 512x512 and the lines of the reticle were about three or four pixels wide. The problem was that only the wider portions of the lines displayed all the time, with the rest only visible from certain angles.

Cockpit lighting:
I was confused by the notes in the ini file. The example didn't seem to use all the parameters. They do seem to work well though.

Fresnel effect:
I think this time you've got it pretty close, but it still makes the models look too wet or glossy. I think this may have to do with using the environment map. Perhaps if it used its own texture this could be improved. By way of explanation, specular effects look "dry" (as long as they aren't too sharp and intense) and the environment map makes a surface look "wet". I think the fresnel effect should be pretty dry, perhaps slightly wetter on reflective aircraft, but not much.

Specular effect:
Looks good, but seems more "wet" than previous versions and a bit overpowering. Also, is there a naming convention for adding specular and reflective maps for models that don't have them yet, or is this feature not enabled yet?

Bump maps:
Generally the bump effect looks better, but on models without an actual normal map, it still produces some odd effects. Is there still a way to turn it off for models that don't have a normal map and leave it enabled for those that do?

Props:
What is the purpose of the prop textures listed in the .ini file?