Yes. It's the only game of it's type still out there. ARMA is an arcade shooter compared to this, IMO.
Biggest issue facing a WWIIOL....COST, very expensive to play. Learning curve, you MUST join a squad if you want to have fun. Going SOLO can be fun, but the real winner is when you fire up teamspeak and work as a combined unit with a dozen or so other people.
The game has given me some of the most fantastic experiences I've ever had, and it's never been matched. It's also given me some of the most boring experiences I've ever had. (Like doing supply runs, defending something that may or may not be attacked) It's very realistic. One of the most player driven games I am aware of.
I usually jump in for 3-4 months out of the year, usually near christmas time.
It just won it's PR campaign to get put on Steam Greenlight, so hopefully they will increase playerbase soon. A big playerbase is key to this game being fun.
Here's a shot of someone shooting video of 2 of us doing AA defense, knocking out the propeller of a enemy plane that was doing a scouting run.
https://www.youtube.com/watch?v=ydDDtDODrNs
Make sure to run in 1080
Also, something that is funny is that the game is extremely popular in the american south and europe. Chances are you either will hear a southern drawl or an english/german accent. Some people get turned off by this, but for whatever reason this is the core base that has remained throughout it's 10 years.