The Q-1 had reduced armor, but I believe by the Q-5 or so it was re-instated as standard. They needed it, apparently.
Question, though... Why would a 1943 plane be compared to a 1941 design? It's much heavier than a 109E, but only has the same horsepower. While slightly aerodynamic, by the time it saw some action in 1943 (and later) it would be up against 109G models, much more advanced than the early E.
I will admit that it probably had a tight turning radius, but it also had major stability problems, including spins (if you don't get out in the first 1/2 oscillation, you may not ever get out of the spin -- I have a scan of a page off the flight manual saying this). Most older designs do have a tighter turn radius, because of power available and the speed of the turn. However, I posted already they had good turners. They had some of the best turners. If they only wanted to turn, they would have used what they had. Porkryshin liked the P39 because it opened up tactics to him. No longer would they just turn in the flat plane. He developed tactics in the vertical that were not possible before the P39 showed up. He liked that the P39 allowed them to develop BnZ tactics, which were (before the 39 showed up in 1942) almost impossible. The 109s it tangled with were primarily geared for the 20k alt band, but that's not to say they were handicapped below this altitude.
So the P39 was a match for the 109E, let's say. Taking the data for the 109s in AH:
http://www.gonzoville.com/ahcharts/index.php?p1=109e4&p2=109f4&p3=109g2&p4=109g6We find that it is slower, climbs worse, and the only benefit it has is turn (but, this is the 109, not the P39, don't have actual turn on it)
Going from P39D flight tests:

The P39 climbed far worse than the 109E, but a little faster, doing about 355 at 13k

But, seeing as it would be up against F4s, G2s, and G6s, by the time the Soviets got them, going back to the gonzoville chart above (note that's an early G6 model for AH) we see it is still far below that of the 109s it would fight against.
Soviets loved propoganda. They loved fights where the underdog prevails. There are cases where Soviet "hero" pilots were said to have been shot down in 12-on-1 engagements when they died, but that was the cover story for dying to a 1-on-1 (as with Lytvak), or even when attacking a lone Ju87 as with Shestakov. Why is it only the Soviets say the P39 was a beast? Perhaps because they loved their propoganda. You can't just say "oh they lightened their load" -- because WE tried that too. The P40N had a much more powerful engine and a much lighter weight (even removing 2 of the 6 guns) and still was lackluster compared to what was already in service. The P51H was a stripped down, weight-saved version of the P51 and it really didn't gain all that much performance. Yes, there was a gain, but it wasn't miraculous, as with the Soviet P39.
Was the P39 underestimated? Sure. Was it the super plane the Soviets show? Naaah. You've still got an overly-heavy 1941 design with only 1200hp and a terrible gun (worst of the war, basically) barely able to climb at all, a top speed not much to write home about, and only able to compete with LW planes "between 8k and 12k" -- a very narrow band, indeed. A single zoom climb or power dive can get you past this zone very quickly. The Q model had only 50hp more than the D (1150 vs 1200hp), but had a 4-blade prop, so it was a little faster. That would mean a little more climb rate, but not 4500fpm like the 109s it was up against. Forget about the even-faster 190s that eventually showed up.
Link to image with engine HP chart[EDIT] Changed "P47N" to "P40N"
[EDIT2] Fixed second image, pasted wrong code