WW2OL (combined land, air, navy game) equipment has excellent physics, penetration, ballistics, spalling, concussion, flight etc. modeling... AFAIK, none of it is table based, pure physics (you can shoot a -42 Sherman all day frontally with a Pak 36 ATG and not penetrate, no hit point systems). Other non-lethal damage modelling is not as good. Game mechanics (how units move and fight etc.) are awful. But if you're happy to just fight you're ok - if you care about how the war progresses then you will get frustrated. Graphics appear crappy initially, but if you consider how large the area is and how far you can see, the graphics is actually pretty good.
Here's a link illustrating what I mean:
http://wiki.wwiionline.com/index.php/Ballistics_Example_M10vsTiger