You can target and drop the bombs, with an accurate and corresponding explosion sound effect, though unfortunatly you will not be able to "see" the explosion, or so they have said...
I found a couple blog posts from the FSX developers which are quite interesting. The first one is from a guy working on the Reno Racing expansion pack, with the new Mustang. He talks about his recent mustang flight, and some details of the new engine modeling system that comes in the Xpack.
This one talks about the art of FS performance tuning.