Yeah I noticed me Starboard wing always gets the same pattern of bullet holes and 'shark bite'. Whereas the port wing often gets a big hole.
Also, the bombers either lose their tail, plummet in a plume of smoke, or the wing tip breaks off.
It would be very intensive for it to figure out actual collision detection/damage. I imagine it was tough enough to get a good frame rate with all the 3D terrain detail and post processing effects.
It's still better than a health meter.
Maybe next gen of consoles will be able to compete with Storm of War, but for now BoP still pushes the envelope.