I fear them - well, the bombers at any rate.

I have played a few times where the decision to push a fleet into the slot was based on the number of planes an opponent could bring to bear. With an massive air battle killing equal numbers on both sides, it is a huge advantage to air strike an opponents fleet. during the sea attack he shoots at nothing while the remaining air units get attacks in.

Look at the economics of the question “how shall i kill my opponents navy”

fighters and destroyers exert 1 point on surface ships - but at a cost of 3 to 5
bombers and cruisers exert 2 points on surface ships - but at a cost of 5 to 7.
(not to mention the ADDED COST of getting the slower moving ships into the fight as fast as aircraft can.)

the only way airplanes are NOT to be feared is if used in small batches that can be shot down w/o use of air cover.