Stated minimums don't mean anything. The min req for CFS3 is 450mhz.
I've got a 2ghz P4, with 512 mb of RAM and a Geforce 3 card. Sure it's
no trailblazer in these days, but it's plenty satisfying. I just need
to know when to take stated system requirements with a grain of salt.
The box requirements only tell you the lowest-rated hardware that will
run the game as a program, and not necessarily as something you'd
enjoy. On my system, CFS3, whose sys-req is slightly higher than ACoF
(admittedly this doesn't include how much more intense the gameplay
is), was barely adequate. Unfortunately, performance would take a hit
at those intense moments you bought the game for (extremely close-range
dogfight with a ****ed off Me-109). Though I could tell it was a
better and more sophisticated sim than CFS2, performance, low
performance meant that CFS2 wasn't going to fade away so quickly. It
used to be that you could safely match your system to the game by
doubling those on the box, and comparing that to your system.
Apparently, even that rule seems dated - and MS at least seems to have
its own version of Moore's law in which the stated-to-actual
requirements gap doubles every 18 months.

So your system...

For one thing, if you must use a laptop, system requirements are likely
to be even higher, since laptops power is meant to be used
economically. The glamour of portable computing aside, a laptop is
sort of like a subcompact car. That said, if you are going to drop
some serious bread on a PC, you might as well go near the top in terms
of chip speed. I'd check reviews for ACoF - if the reviewer didn't
bitch about poor performance, then his system obviously worked well
(and they usually list what they used). The real bottlenck is bound to
be RAM - definately go for at least 512mb.

As for controllers...I used old gameport controllers for my last
computer. A few weeks back, I was fortunate to get a new machine, a
Dell 3Ghz, but lacking a gameport. I've ordered a dual connector
gameport-USB adapter, but obviously can't comment until I get it.
However, if your computer does have a gameport, you can easily run old
controllers. Most of my stuff is E*Bay surplus - Thrustmaster FCS/WCS,
but CH pedals - all gameport. Though I can't get WinXP to recognize
all the buttons, the axes themselves work fine on all the controllers
(even though CH claims WinXP won't accept gameport pedals at all). Of
course, if money's no object, get USB set-up, CH Pro Pedals and all.
of course money would have to be really no object, because it'll likely
cost over $100 for controllers alone.