At the School where I Instruct at at the moment, we have 3 simulators running the Elite Program. Although we do use Elite with iGATE hardware I believe the Elite itself is an awesome piece of realistic software, the graphics mind you are not very adventurous. We also use the Elite for Multi-Engine training so yes I believe the Physics is also good. And remember you can change sensitivities and so on aswell.
I haven't heard of the one the other dude is talking about, I am sure he is also right.
Good luck on your search.
A