I engage LOC when on intercept course to the ILS, then APP when LOC is captured.  There may be debate as to this in real life according to something I read in other documentation.

I find that nailing -- and I mean nailing -- your vref at flaps 30 avoids the pancake landing and gives you a nose up touchdown.  Beyond that, I am not knowledgable to comment on the realism of the flare.  Let's just say it looks close enough to me and -300 vs shouldn't bend anything.