Basic 2824 movement, yes! While the heart of the watch might be a good one, it didn't feel as nice as expected in my hands. The finishing was mediocre to decent (depending on your benchmark), and it also had some minor finishing flaws. The customer service offered to fix these, but honestly - I was already disappointed at that time, so I didn't mess around with it any longer. For a Flieger replica I'd rather save for a Stowa. Sub homages aren't my type, so I can't comment on that.
Again - it's a nice package that Steinhart offers, but although the phrase is kind of lame, it's so true nonetheless: you get what you pay for!