Factual error: American carriers did not have angled decks until after W.W.II.
Factual error: Several shots identifying the American and Japanese carriers are actually those of late W.W.II and Korean War era Essex-class carriers.
Factual error: During the Battle of the Coral Sea, an admiral orders that the TBD's (Torpedo Bomber, Douglas) be launched. The planes launched, however, are TBF's (Torpedo Bomber, Grumman), which look nothing like a TBD.
Factual error: Some of the stock footage used in the battle sequences are actually just out-takes from the movie The Battle of Britain. Long shots showing dogfighting planes from that movie appear several times during Midway's combat scenes. In the torpedo attack on the Yorktown, one of the burning Japanese bombers is actually, on closer inspection, a German Heinkel, another borrowed shot from the B.O.B.
Factual error: When the final attack by Japanese fighters on the last U.S. carrier is happening, a Japanese National flag is flying on screen.