I played again and got a result that was different enough for me to add an 'edit' to the blog entry – it is repeated here for your convenience;
A second playing turned the first result right on its head. The Germans suffered very heavily on day one and the casualties just piled up on day two. Over the same period RAF casualties were quite light, so they were then able to concentrate their attacks against the fewer German attacks with increasing odds of doing harm.
Such were the RAF successes, that on one occasion, they hopped across the channel and attacked an airfield that had returned bombers sitting on it.
On Day 4 the RAF took some heavy losses and with a bloodied nose, things calmed down for the rest of the game.
Both sides suffered a morale drop (due to mid game losses), which reduced the cards in the players hands. The end result was that the Germans had hit all of their naval targets but only four of their factory targets. They had 14 units in the damaged box (ouch), Resulting in a very substantial British strategic victory. The game concluded in 1 hour and 5 minutes, playing faster because the number of units had so drastically thinned.