We're hard at work getting SP1 out the door, so I'll get things rolling here the easy way: by pointing you to some recent blog posts I made.

Performance

FSX SP1 will support Multicore

FSX and the history of Multicore

Our decision to work on SP1

The state of the FSX engine, DX10, and current hardware

Support

FSX SP1and 3rd party issues

Bugs we are and are not addressing in FSX SP1

To learn more about where I'm coming from regarding my work on all this, check out  About Performance and Support, and the blog post outlining my work history.