TL;DR
I don't understand all those complains about lack of HOTAS, 4K and 21:9 support. It doesn't justify giving the game bad review.
Subjective opinion: AC5 > AC0 > AC7 > AC6 > AC4. I'm also big fan of Ace Combat so please take it into consideration.
Even though I played AC 1-3, I don't count AC 1 and 2. I've yet to finish Japanese AC3 (PAL AC3 doesn't count).
8/10 for Ace Combat 7. Totally worth the purchase.

I'll keep my review SPOILER FREE. After 12 years we finally got another numbered Ace Combat game. Was it worth the wait?

Graphics
What can I say? The game is gorgeous. I have decent rig so it works fine, but I think all modern hardware should be able to run it at acceptable settings.
Compared to AC6, grounds have a lot more details, clouds (and effects related to them) are wonderful. What can I say? Just watch trailers or reviews (I suggest Digital Foundry's analysis).
As I mentioned above - lack of 21:9 support will probably be patched soon after game's release. I'm sorry, but UHD players make single-digit percent of all (according to Steam survey).
As for PC-exclusive settings, I highly suggest tweaking Engine.ini file to reduce the pop in (issue was pointed out in DF's article).
Solid 9/10 here.

Sound:
Everyone that played Ace Combat games knows that music is a strong element of the package: it's as important as graphics, story or gameplay.
Keiki Kobayashi returns to compose the music (and it seems he's the only one doing work this time around; other composers known from the previous games didn't seem to work on the game).
How should I describe it? Definitely not the level of trinity - but on par with AC6 (which means very good). There are some memorable tracks and what's important, they match the action on the screen.
Music adds to what's happening, helps build the tension and when necessary: fills you with adrenaline.
I like how sound gets muffled when you fly through the clouds.
Big minus for the sound of A-10: its' turbofans sound strange and I can't hear my BRRRRTT (did they record puny GAU-22 or what by mistake)?
9/10 here.

Controls:
OK, this one is funny. Nothing special here for die-hard Ace Combat fan.
Once again, I don't understand complains about lack of HOTAS or K&M support. I'll be frank: you're doing yourself disservice if you play with joystick.
This simply isn't game to be played on HOTAS set: you won't be able to perform manoeuvres as fast as gamepad player.
AC games were always played with gamepad and it should stay this way.

Gameplay:
I'll be frank: AC6 is my favorite gameplay-wise and after finishing AC7, I can confirm it.
I loved ground pounding in that game and whole concept of operations. Not to mention totally op GUN.
AC7 seems different. The pace is slower, you can almost feel inertia of the plane; missiles are constantly flying your way (I started on Hard) and... your allies are totally useless.
You can complain about Wardog squadron yapping all the time but at least they could shoot down plane or two during a mission.
Here? Fat chance. Your allies won't even tank shots for you which makes the game artificially harder.
It's annoying because some missions explain a lot of events that happen in the background (or happened in the past) but you must focus on all those missile alerts.

Let's change topic.
Progress tree from AC:I returns. You won't be able to unlock all modules and planes in one go which is a good thing because it gives the game a lot of replayability.
What about the rest? Of course you can expect a lot of varied missions: CAS, CAP, signature tunnel flights, boss fights, superweapons. Literally everything Ace Combat is known for.
During 20 missions of the game you won't be bored.
8/10 from me.

Story:
Ah, this one is controversial. Some people praise it, some despise it.
My favorite game (story-wise) was AC5. AC7 uses narrative similar to AC4 (sorry, not a fan of that one) - with mix of AC6 kind of story-telling (meaning that narrative isn't entirely focused on first stage characters but also on support staff).
In other words it's definitely better that AC6, but worse that AC0.
Until mission 15 it's pure chaos: there are way too many secondary characters that the game jumps between, sacrificing any kind of development. It's hard to understand why things happen in this order and not any other one.
You'd like to know more about people you meet or feel some kind of sympathy towards them but you just can't; they're all outlined a bit, come and go.
In AC6 we at least had wingman and allied squadrons (Avalanche, Sky Kid, Windhover and co) we could relate to. Here? Maybe 4, 5 characters (I didn't like the fact that we jumped squadrons so many times).
It's worth noting that there are some nods to the past games. If you're new to AC it won't make the story lackluster but fans will appreciate the references (some go waaaay overboard though).
7/10 in that department.

Multiplayer:
Sorry, haven't played too much and don't plan to. AC multiplayer is pure chaos (or overusing of broken mechanics) - still remember Ace Combat 6 matches.

TL;DR I don't understand all those complains about lack of HOTAS, 4K and 21:9 support. It doesn't justify giving the game bad review. Subjective opinion: AC5 > AC0 > AC7 > AC6 > AC4. I'm also big fan of Ace Combat so please take it into consideration. Even though I played AC 1-3, I don't count AC 1 and 2. I've yet to finish Japanese AC3 (PAL AC3 doesn't count). 8/10 for Ace Combat 7. Totally worth the purchase. I'll keep my review SPOILER FREE. After 12 years we finally got another numbered Ace Combat game. Was it worth the wait? Graphics What can I say? The game is gorgeous. I have decent rig so it works fine, but I think all modern hardware should be able to run it at acceptable settings. Compared to AC6, grounds have a lot more details, clouds (and effects related to them) are wonderful. What can I say? Just watch trailers or reviews (I suggest Digital Foundry's analysis). As I mentioned above - lack of 21:9 support will probably be patched soon after game's release. I'm sorry, but UHD players make single-digit percent of all (according to Steam survey). As for PC-exclusive settings, I highly suggest tweaking Engine.ini file to reduce the pop in (issue was pointed out in DF's article). Solid 9/10 here. Sound: Everyone that played Ace Combat games knows that music is a strong element of the package: it's as important as graphics, story or gameplay. Keiki Kobayashi returns to compose the music (and it seems he's the only one doing work this time around; other composers known from the previous games didn't seem to work on the game). How should I describe it? Definitely not the level of trinity - but on par with AC6 (which means very good). There are some memorable tracks and what's important, they match the action on the screen. Music adds to what's happening, helps build the tension and when necessary: fills you with adrenaline. I like how sound gets muffled when you fly through the clouds. Big minus for the sound of A-10: its' turbofans sound strange and I can't hear my BRRRRTT (did they record puny GAU-22 or what by mistake)? 9/10 here. Controls: OK, this one is funny. Nothing special here for die-hard Ace Combat fan. Once again, I don't understand complains about lack of HOTAS or K&M support. I'll be frank: you're doing yourself disservice if you play with joystick. This simply isn't game to be played on HOTAS set: you won't be able to perform manoeuvres as fast as gamepad player. AC games were always played with gamepad and it should stay this way. Gameplay: I'll be frank: AC6 is my favorite gameplay-wise and after finishing AC7, I can confirm it. I loved ground pounding in that game and whole concept of operations. Not to mention totally op GUN. AC7 seems different. The pace is slower, you can almost feel inertia of the plane; missiles are constantly flying your way (I started on Hard) and... your allies are totally useless. You can complain about Wardog squadron yapping all the time but at least they could shoot down plane or two during a mission. Here? Fat chance. Your allies won't even tank shots for you which makes the game artificially harder. It's annoying because some missions explain a lot of events that happen in the background (or happened in the past) but you must focus on all those missile alerts. Let's change topic. Progress tree from AC:I returns. You won't be able to unlock all modules and planes in one go which is a good thing because it gives the game a lot of replayability. What about the rest? Of course you can expect a lot of varied missions: CAS, CAP, signature tunnel flights, boss fights, superweapons. Literally everything Ace Combat is known for. During 20 missions of the game you won't be bored. 8/10 from me. Story: Ah, this one is controversial. Some people praise it, some despise it. My favorite game (story-wise) was AC5. AC7 uses narrative similar to AC4 (sorry, not a fan of that one) - with mix of AC6 kind of story-telling (meaning that narrative isn't entirely focused on first stage characters but also on support staff). In other words it's definitely better that AC6, but worse that AC0. Until mission 15 it's pure chaos: there are way too many secondary characters that the game jumps between, sacrificing any kind of development. It's hard to understand why things happen in this order and not any other one. You'd like to know more about people you meet or feel some kind of sympathy towards them but you just can't; they're all outlined a bit, come and go. In AC6 we at least had wingman and allied squadrons (Avalanche, Sky Kid, Windhover and co) we could relate to. Here? Maybe 4, 5 characters (I didn't like the fact that we jumped squadrons so many times). It's worth noting that there are some nods to the past games. If you're new to AC it won't make the story lackluster but fans will appreciate the references (some go waaaay overboard though). 7/10 in that department. Multiplayer: Sorry, haven't played too much and don't plan to. AC multiplayer is pure chaos (or overusing of broken mechanics) - still remember Ace Combat 6 matches.