Flight sims have not changed that much over the years.
FSX is FS2004/ Xplane 10 are still being used, with the professional add ons which makes the game more realistic.
DCS is an excellent fighter simulator.
What has changed drastically is the hardware and the controllers. Have look in youtube at some of the home cockpits being built these days. Some of them are virtually indistinguishable form the commercial sims, apart from not being full motion. All made possible with clever programming, and lower costs in electronics.
I am excited about the Oculus Rift and its competitor VIVE and cant wait to get my hands on one. Because so much of your experience comes from visual cues, having a 360 VR set integrated with a flight sim will be a step up form from just having a flat monitor in front of you. Ive seen people get motion sickness form paying flight sims with the Oculus Rift.
Check out this guy trying out DCS with Oculus Rift for the first time, its pretty funny.