Problem with IL-2 is not really hardware; haven't checked in a couple of years but back when all populated servers were running with complex engine management on. Now, I don't mind realistic flight model, it's in fact not that difficult to master and it actually makes planes better balanced (ie. Zero no longer WTFPWNS everything as it does on "relaxed" settings), but the amount of pilot workload that comes with CEM varies from negligible (Automatgerät, durr) to ludicrous. Also, limited fuel is a two-edged sword, dogfights tend to be very short with it turned on. (Well, even shorter with engine overheat on.) Ideal server would probably be thus limited ammunition (so that you at least pretend to aim), fully realistic flight model, but no CEM, overheat or limited fuel, but I don't remember seeing such servers.
As a pure flight game, even against AI IL-2 is much more fun than any BF2 derivative, since BF2's lunar physics are just wrong, and looking around is a bother.
However, I don't remember IL-2 supporting even 64, much less 128 players on same server. Being a better game would matter little if the alternative would be such massive dogfights with the FH2 community.