I think Flight Sim X from MS is the latest installment in the series. I could be wrong though. I got the previous one. It's graphics are ok, but nothing spectacular. The X should have prettier graphics, but at the same time it required pretty heavy computer to run. And to be honest MS really sucks at making a decent 3D engine. You get way prettier graphics in other games that run smoother too.
I have Logitech's 3D Pro joystick and sometimes I let my kids fly the planes. I'm not into looking for realism in those games, just casual fun.