It's supposed to be a simulation and watching videos of a REAL mig in ACTION is always a good comparison.
So watch those videos of a real Mig; external and in-cockpit and make a (albeit subjective) comparison. Compare takeoff, landings, general performance keeping a close (left or right, it doesn't matter) eye on gear dynamics and also Cockpit instruments when you are in-cockpit, etc. This Mig does not do a very good job of 'simulating' its real world counterpart (at the moment). [oh and if you looks at the change-log for the upcoming patch you can see some of the reasons why].
It's nerfed.