The flight model right now is kind of okay, but I think it would be better improved by a little bit of momentum preservation. Right now the ships control as though they are a car that can roll.
Having your turning radius affected by inertia would allow the dogfights to be a little more dynamic by requiring you to slow down or stop in order to turn, rather than just keeping the W button held down at all times, and maybe just abstain from the boost button while looping.
The biggest advantage would be in creating a potentially huge difference between the handling model of larger/smaller ships. The Dart is faster in a straight line than The Catamaran, but I don't really notice much of a difference in turning rate. The Fabled Battleship should control like an absolute brick, and require a reliance on positioning and good gunnery in order to handle the smaller enemy ships.
I should also clarify that I don't want a full Newtonian flight model, because that's simply not the kind of game this is, but simply lengthening the amount of time from full throttle to 0 throttle after you let go of the gas pedal would be a great start. Likewise, boosting would obviously come with a hard brake that brings you back down to your normal max speed, rather than just allowing you to increase your max speed. (Although a ship based around that idea could be interesting...)