When you consider aerobatic pilots carve out their routines using their hands while on the ground you realise that even the most basic flight simulation is useful.
I used to be heavely involved with some leading 3rd party addon companies for MSFS as well as testing for MS itself.
MSFS is an excellent tool for IMC/IFR training
It is an excellent tool when using Photo real scenery prior to a VFR flight.
It is a good tool for the basic principals of flight.
It lacks true feel and doesnt simulate the true dynamics of flight well!!!
Certain flight sim addon companies have worked around some of the gaping holes in the flight dynamics engine and made the xperience closer to real life.
I agree that it is lacking in pheriferal views and restricted by a flat screen.
Overall very useful, addictive and fun
Pace