A Star Citizen fan going by the name of Pearl (aka AnythingFPS) has compiled some of the alpha backer code of Star Citizen into a CryEngine SDK allowing him to produce a flight demo. While not released to the public, he has compiled a video demo of his flights, demonstrating the flight physics characteristics that can be expected in the game.
It is interesting to see how the Newtonian physics are applied to flight. Exactly as I expected to see them applied. It will make for some very interesting combat and acrobatic flight.
Keep in mind, that this was built on a standard version of the CryEngine and Star Citizen is more than likely to run on a different version so the level of graphics and physics demonstrated in this video are more than likely nowhere near the level of quality that will be experienced in the release version of Star Citizen.