Project Wingman is a PC game that's looking to scratch an Ace Combat-sized itch for arcade jet combat.
The game is still in development, but you can grab progress builds over on its site and check it out now. There isn't much available at the moment, just a single skirmish mission using one fighter, but I'm liking what's there! It's got a nice clean design to it, the visuals are great (even at ground level), and your movement, even using a controller, feels nice and tight.
While the short-term future for Project Wingman involves just getting things working, some of the items on its future wishlist include a proper singleplayer campaign, more weapons, more aircraft, and a "wave based survival mode".
If you want to try it out, you can download it here.