Okay, I'll be able to say more in couple of weeks, but just a quick answers...
Yes, this is a new title using SFP1 engine. It is a "sequel" to the Wings Over Vietnam, in the same way WOV was a "sequel" to SFP1. It continues the evolution of the engine, expanding its capability _slightly_ (all of which will be available to SFP1/WOV in the next patch ) and adding new contents (new player flyable planes this time around are our rendition of F-15A, A-10A, Harrier GR.1/3/AV-8A, and Hunter FGA.9).
Most, if not all, of the mods available for SFP1/WOV should be compatible, although as with WOV, some tweaks might be necessary to account for different files included. The terrain included is of Germany, and if you have WOV installed, installer will have an option to copy Vietnam terrain as well, so everything that worked on WOV should still work here. (well, that's the theory anyway )
It is still a light, casual flight sim, not a not a hard-core flight sim. If you enjoy SFP1/WOV, I'm sure you'll enjoy this as well It does NOT have every little features everyone's been asking for, and it still does NOT include the kitchen sink, but it does have enough new features to cover the planes list, which means HUD, CCIP, EO- and Laser-guided bombs and missiles (although all operations are streamlined and simplified to fit the casual flight sim profile).
The title is currently in testing at Destineer, we'll let you know when it goes gold.
I currently do not have information on its distribution schedule in Europe (or anywhere else outside of US). You can contact Destineer for that info, I'll let you know when we know more here.