Let's forget about microtransactions for a second and concentrate on what makes Ace Combat great: the gameplay and the atmosphere. These two gameplay videos have plenty of both.
The vids were taken from the second and fourth story missions, respectively, of the air combat game's international version (meaning they're in English). It may be a free-to-play campaign, but it certainly doesn't look tacked-on. We'll see when the game comes out later this year.