Just remember that 9/10ths of the airplanes you fly on G2 do NOT fly like the real thing. People adjust the power, airframes, etc to make them fly much easier in the game and do things that the real ones can't do. Now on the other hand one can change the settings to make an airplane fly EXACTLY like his or her real airplane.

Can an SE do waterfalls? I don't know because I haven't seen or heard of one doing them but that doesn't mean it can't do it.