Umm... not at all. You would have all of your interceptor windows open at once, and all of the attacks would happen at once. Of course, the one UFO would only shoot back at one of your fighters.
Hmm, strange, I guess I remembed wrong.
Some more 2.2 feedback after further playing:
* Bases are cheap. Way too cheap.
* Aircraft are too cheap as well
* First month you're poor, after that you're basically filthy rich forever
* Too much activity in the beginning. In the start there are few scientists and labs, but many things to do. The result is that the first missions are very alike as it's hard to research anything.
* There's some bug with particle weapons. I've got nothing left to research, researched all the particle tech, but don't see the accelerators in the weapons list. I can use the guns but can't see the ammo for them. The buy/sell screen indicates I've got plenty of them in storage. Can't manufacture the ammo (but can make particle guns) either.
* Right after researching the fancy Dragon aircrafts I can buy 8 of them instead of manufacturing. How come something I just figured out how to build is instantly available for purchase? I would understand if some appeared for sale some months later, but this is weird.
* Still not creepy. It would really use X-Com's abundance of footsteps, alien sounds, opening doors, etc.
* Fog of war would be nice. The unseen parts don't have to be black, but it'd be very nice to be able to see the difference between areas that are observed and ones that aren't.