Actually, quite realistic, once you get into space. (aerodynamics is sort of a weak spot) Orbiter is sort of a hybrid between serious and leisure. Actually, this has been discussed already today:
http://www.orbiter-forum.com/showthread.php?t=35243
The physics behind Orbiter are
quite real. Also, Orbiter does model some fairly advanced phenomena such as non-spherical gravity,micro drag, gravity gradients, and solar radiation pressure. It just may not
quite be accurate as professional software. Orbiter has to compromise a little bit on pure accuracy because it must also have beautiful 3D graphics and be in real time.
If you are a real-world professional and tens of millions of dollars and your job is on the line, you aren't going to necessarily rely on Orbiter results. I'm sure it would be just fine for a high school level project, though.
See for example GMAT for something more "serious" but free. Then you start moving into expensive software like STK Astrogator or FreeFlyer. The professional programs will have better accuracy plus optimization tools, etc. The "graphics" usually aren't as good, though. Even GMAT does not model the atmosphere below ~100 km.