Nah mate, the F-7s are a pretty decent dogfighter & is still relevant as a decent interceptor. In fact, unless I'm mistaken, I do have a vivid recollection reading right here on this forum comments to the effect, by some of the more knowledgeable guys, that the PGs performance was, in certain aspects of dogfighting, only marginally worse-off than that of some of the earlier model F-16s which in turn were even better dogfighters than later model F-16s. Additionally because the BVR only combat hasn't quite panned out as it was supposed to & I've read some eminent posters & they in turn quoting many an analysts & ex-air force men (including a USAF Colonel) that the age of the WVR is still very, very much relevant, having a platform like an F-7 might not be such a bad buy.
What I have qualms over is, that if the figures posted by Mig-35, are indeed correct & the BGIs due cost an astounding $15 million a unit, what the hell is exactly in them ? The F-7 nose cone is too small to host a radar that can provide anything beyond borderline BVR capability just like our PGs, there doesn't appear to be significant increases in the hard points, EM equipment, RCS reduction or engine performance. What in god's name did those $15 million go into, if its true that is ?