http://nationalinterest.org/blog/the-buzz/russias-su-35-figh... Air Force F-16s are not currently fitted with an AESA and are at a severe disadvantage versus the Su-35 or other advanced Flanker derivatives.
Modern F16 inferior to Mig29 ? Very likely. I don't have the time to search for the article about it, but it is a fact acknowledged by benchmarks that US air planes have been slowly gaining mass and loosing maneuverability since decades and they re-evaluated the F16 performance recently. Even F16 vs "old F16".
Anyway. Mig29 Su30 are pretty cheap compared to US air planes and roughly close in terms of performance. Maybe a 1v1 scenario favors F16. But in $v$ you can align more Su/Mig per F16. And surviving a 1v1 situation is easier than 3v1.