The Il-2 is a hard-to-maneuver tub that lost it's armor in development and got a small speed boost in return. It might not be fair, but hey, at least you get some nice fighters. In the weapons area, you will be delighted to know, that the Il-2 carries a heavy bomb that can be thrown at a moment's notice (if the throw is unexpected, expect innacuracies). The primary use for this bomb is building demolition, as nearly anything short of a German HQ will be obliterated in a single blow.
But wait! this applies to other stuffs as well! Like tanks, artillery and other juicy things you can manage to get your hands on. The bomb has a pretty big area of effect, while, not enough to be a reliable anti-tank solution, if the armor problem is severe you can definately use this as a makeshift tankbuster. Effects also apply to infantry, unlike some bombers.
Other weapons of fun include HE missiles. While not particularly effective against medium armor and up, as it's mian use is, again, building demolition, can be used as a makeshift anti-armor weapon, as well as an infantry control weapon. It's still enough to rip through most Vehicles in a single hit, but it is realisticly accurate (which means innacurate, btw). You get 8 pairs of these bad boy's, which is usually enough to get anything leveled (unless it's a tank, then no... just no). In most cases, you will lose your shiny bomber well before you spend half of it's supply.
Finnaly, like the PTAB version, you get some shiny HMG's, that help spread the miracle of fear. Also somewhat effective against lightly armored targets, but you probably won't get a kill with this.
For reasons unknown, this version of the Il-2 is significantly more responcive than the PTAB version, since it doesn't lock direction when starting it's bombing run (although it just generally feels more sane than it's counterpart).