Russian AESA is still in testing, we could go for it but we have to shoulder the headache of running back to the manufacturer to solve the teething problems which are common in this stage. IAF and the IN went for the safer option of Zhuk-ME. As for mirage's radar being advanced, it better be!!!! That thing costs more than pure gold for its weight!! You can be sure that when the MiG-29Ks go for MLU, it will get Zhuk-AE or something much advanced.
As for the Topic, (Comparing in the context of only the IAF MiG-29UPG vs PAF F-16 Block52[not F-16 MLU or MiG-29K or any other airforce's Falcons and Fulcrums])
Fly Away Cost - MiG-29
Maintainability - F-16
Operating Cost - F-16
Political and Strategic Freedom - MiG-29
Radar - MiG-29 (120km for 5m2 vs 105km for 5m2)
IRST - MiG-29
Ground Attack Capability - F-16
Range - F-16
Payload - F-16
RCS - F-16
Hardpoints - F-16
Climb Rate - MiG-29
Thrust to weight ratio - MiG-29
Wing Loading - MiG-29
Interception Speed - MiG-29
Angel of Attack - MiG-29
Improvised Mud Airstrip take-off and landing(Ruggedness) - MiG-29
Bugs and Kill Switch free - MiG-29
Air to Air -
BVR Combat - Hard to decide (R-27R, R-27T, R-27ER, R-27ET, R-77 vs AIM-120C5) Russian doctrine dwells on the philosophy of not putting all your eggs in a Single Basket to achieve a higher hit probability(semi active, IR and active) as opposed to the US philosophy of going it all with AIM-120. A simple alternating on/off noise jammer or a towed decoy could easily confuse an AIM-120 or any Active radar guided Hom on Jam missile(Su-35 pilot Levenko's own words) . You can only pack so many avionics inside a small missile. While Russian missiles are less advanced in the avionics compared to the American missiles but few of them are longer ranged.
WVR Combat - MiG-29 (Turn Fight Design vs Energy Fight Design... translating to a higher ITR for the Turn Fight Aerodynamic design.)
Further Reading:
Israeli Airforce Assessment of the MiG-29S:
Israeli Airforce MiG-29 Experience
The Israeli Air Force
German Airforce Assessment of the MiG-29G(downgraded MiG-29B):
F-16 vs MiG-29
Luftwaffe MiG-29 experience - positives and negatives
Bulgarian Airforce Dogfight between unupgraded MiG-29B and latest F-16 Block 52:
F-16 vs MiG-29
Last but not the least, Dogfight between the MiG-29B vs the Indian air force's sweetheart the Mirage-2000H:
Beauty vs the Beast