Ultimate Air Combat (known as Aces: Iron Eagle III in Japan) is a semi-realistic combat flight simulator developed and published by Activision for the Nintendo Entertainment System. Having relatively good graphics for the console, Ultimate Air Combat differs from other similar games by having both a cockpit view and an isometric view throughout the missions.
The game seems to be set in the near future due to some of the highly advanced weapons systems but modern day planes. In Japan, the game is known as Aces: Iron Eagle III and is barely based on the film of the same name (as both involved aircraft).
Source: Wikipedia, "Ultimate Air Combat," available under the CC-BY-SA License.