I do remember this movie from my youth and was in elementary school. I loved the film because of the airplanes and cockpit talk. I had no interest in Kelly McGillis or knew who Tom Cruise was.
I guess what struck me was how much cussing there was when watching it with my oldest. I have a 4 cussword rule right now with her. It may be less or more, however, this movie was on for 15 min and already violated that, so I turned it off.
Now, most of it is everyday talk for some. However, I just didn't remember them saying so many and especially in anger. Granted when I saw this I also was watching HBO and Predator combined with how my parents talked.
I think that is what determines whether or not you should let your kid see this. What are they used to already? If they are not used to cussing in anyway or once or twice a movie, this will stick out, so someone about to be in 5th grade can not have that stick out so much. If they are used to it, then it should be acceptable for someone about to be in 3rd grade.
I put this movie has smoking, but its not a youth and not a pilot but possibly a stereotype of high ranking people in the military. I explained to my kids that they may not smoke in real life, but for this role in the movie.