Interesting discussion.
The reading that even got me to start thinking about the concept of being thrust limited were some old magazines from the USAF Fighter Weapons School that our school had in the library. We had about 10 years worth, during the conversion from the F-4 Phantom to the F-15 and F-16. What struck me was how the tactics discussions in the magazine changed and this concept of no longer being thrust limited in the F-15/16 vs. the F-4.
I've set up 1v1's flying the F-4 vs. the AI in an F-16. Consider the merge in such a fight. The F-4 simply must hit the merge very, very fast. Any move the F-4 makes post-merge is going to bleed off speed, even in burner. If the F-4 flat turns or slice turns using 16 units of AoA (max performance), he's still going to bleed 100 knots, his turn radius at 550 knots is going to be the size of Texas, and besides, the F-16 will be eating his lunch in 180 degrees anyway.
If the Phantom hits the merge with 100+ knots advantage, he can extend, go vertical, and (hopefully) shoot the F-16 in the face on the re-merge.
Now, the F-16 has a whole bag of tricks he can use. He doesn't need to hit the merge at 550; he can hit the merge at 400-420, crank a 90 degree AoB flat turn, plug the burner in and maintain 420 right through the turn. If he goes vertical, he plugs the burner and can accelerate going up. No matter what, he has the power to spare such that he can fight the fight at his best speed and use throttle to maintain that speed.
I don't know what an appropriate AH2 comparison would be- perhaps a P-47D40 vs. a Bf-109K4. The K4 can out-accelerate, at least equally turn (arguably imo), out climb, and generally out power the P-47. If both planes hit the merge co-speed, co-E, equal pilots, I'd argue that the K4 should be able to eat the P-47 up.
The P-47 will generally only lose energy during a fight unless/until it goes downhill. The K-4 can actually build energy during the fight because it has so much engine that it can build up reserves during maneuvers that bleed out the jug.
Of course, I could be totally out to lunch- I've had plenty of jugs eat up my K-4.
Mechanic makes a strong point. Blowing through a merge with excessive speed may not confer an advantage against a well-flown enemy. It really depends on the plane matchup. But, in general (and this is a big general), especially in MA situations which are very dynamic and fluid, I prefer to hit the merge as fast as possible within reason because I can usually convert that speed into an altitude advantage and it is very hard to attack an enemy that is perched above you in AH2.
In Falcon, in the F-16, this just isn't the case, you can fight uphill just fine, and it is this paradigm shift to which I was referring when comparing modern air combat to AH2 combat.