Revealing mistake: Near the end of the film, a B-52 seen flying across the screen. The bracket holding up the model is visible.
Factual error: The F-16 in the movie is wearing a desert camouflage, this is the standard camouflage of the Israel's air force F-16 while the USAF F-16 have two tonalities of grey
Continuity mistake: When Doug's F-16 is destroyed near the start of the film, the exploding aircraft is in fact one of the 'MiG-23s' from later in the film (it's clear on a slow forward setting).
Factual error: All of the 'MiGs' flown by the Soviets are actually McDonnell Douglas F-4 Phantoms. Obviously, it would have been very difficult to use real MiGs at that time. However, why they chose to use one of the most well-known, long-serving, widely-used, and distinctive American aircraft is beyond me. The F-4 does not even slightly resemble any Soviet aircraft, while many other American (and other countries') planes do.