Is this the same as that Storms of War Oleg and his team were working on ?

No it's a totally new game by OLEGs group. There's a trailer somewhere. Try VE3D.ign.com

Yes it's the same. Ubisoft probably just thought they should still try to suck everything off IL-2 brand, even though there probably isn't a single IL-2 in whole game. It's about Battle of Britain and doesn't feature Soviet front at all. At least for now...

something you should avoid at all costs. I was gifted it over steam. Game is totally broken, barely runnable on any system, its extremely dumbed down as well, you get far fewer planes, far fewer battles and just less content in general. I wish i had traded it in for something else, but i like others wanted to see what it was like.

Well to be fair, the new game has less content because it is only the base game. In comparison, IL-2 1946 is the culmination of the original IL-2 base game + 5 expansions + more years of support & content even after the final expansion. :)

I was disappointed that the reviews said the new game was so buggy as the Battle of Britain would be fun to play. Most of the game reviewers have said the mechanics are just as intense as the original and that there may be a good game buried under the bugs, but they are unfortunately still buried under the bugs (and bad graphical optimization as you pointed out). Hopefully they will one day fully patch it, but clearly it should not have been released in the state it was in.