So far I've put in around 12 hours of gaming time on this fine piece of work. Only 1 CTD. No other problems to report.P3 600mhz
196mb RAM
TNT2 32mb PCI
DX7
Windows runs the swap file. (I have plenty of room)
I run just about all of the graphics on the balanced setting. You'll notice the terrain and clouds being draw in when switching positions or changing view points from outside the aircraft. It takes fractions of a second, so I can live with the terrain re-draw. The aircraft detail looks good too. (maybe I'm easy to please) In a nutshell, I love this game. The flak bursts and damage modeling are neat. Enemy fighters are harder then hell to hit when you are manualy operating a gun station. Can't beat the immersion..
I managed to get my navigator shot to hell in the first historical campaign. The aircraft didn't look much better when it was all said and done. The second mission has me going to good 'ol Hamburg, with a rookie Navigator and an almost equally rookie crew. They haven't seen the enemy knifing through the formation yet...somehow, I think that may change with our new orders.
A word to the wise for the beginning player, or anyone looking to purchase the game:
Spend plenty of time becoming familiar with the aircraft. Use the first training mission to crawl around the ship. Try out the different stations, etc.
Get cozy with the Norden bombsight, and put in a lot of bombing practice. I played both Norden training missions several times each, and it's payed off. (still not that great at it) 
I'll try to put together some screen shots from the run to Hamburg, and get them up a little later.