From what I can deduce out of all the little hints that Microsoft has been dropping, it looks like there was a real purpose for removing the word 'Simulator' and calling it just 'Flight'. The reason is probably because this will no longer be a simulation of what actual flight is really like, but instead more of a fantasy world above the ground with detailed aircraft images as the main characters.
If this turns out to be what I think it is, then this is merely a high-tech version of a kid holding a toy airplane in his hand as he weaves it through imaginary skies while making airplane noises. This also means that 'Flight' will be pretty much useless as an instructional aid or at least far less useful than it has proven to be in the past.
I guess Microsoft figures that there are a lot more fools out there who would buy cheap toys than there are pilots and those who are seriously interested in aviation to whom they can sell a product.
I hope I'm wrong.