Rode this today. The ride's virtual line system seems to be used quite well. I booked it early in the day on the app, but there are also kiosks outside the ride. There is a "preshow" area on the second floor that is more of a waiting room with couches, games, and live performances. It is a nice and efficient way to get people on the rides, but I personally think a queue would be just as efficient and entertaining.
As for the ride itself, it isn't really a flying theater at all. It is actually more like Despicable Me: Minion Mayhem than Soarin'. It is just yet another simulator in the park. The only thing that this ride does different than your average simulator was send out scents. Even that isn't unique (at all). The ride really is unbelievably mediocre. Probably the worst simulator Universal has made. If you don't like the tonight show's humor (like myself), then this will likely be painful. A big disappointment I think.