I'm using the same controller (F310) with some thumb stick extenders, which certainly help.
However, I'm also using the Logitech profiler to tweek the sensitity. Unfortunately, to use this you need to change the controller from X Input to D Input (the switch on the back), since the Logitech profiler only works in D Input mode. This will mean that ED doesn't see your controller as a gamepad, but as a generic joystick, so you'll need to input your own custom control settings in ED from scratch. However, in my opinion the extra control you can get from reducing the sensitivity using the Logitech profiler settings is worth the effort (note: you'll probably want to reduce the sensitivity of the pitch axis more than the roll/yaw axis).
With tweeked sensitivity and thumb stick extenders I can achieve, for me, an acceptable level of precision, although I'm sure that someone with a good HOTAS could do better. I hope that by the time we get to the final game (if not earlier) FD introduce an in-game method of creating simple sensitivity curves for gamepads.
Thanks. I've installed the profiler, do i need to launch the game with the profiler? (only way is running the launcher executable from profiler). I've configured a 10% sensitivity in all axis.