I think the Hog variants are the best overall ride in the game, and my choice for 1 vs 1 against anything, obviously. They can outrun what they can't out-turn, and out-turn what they can't outrun.
Its weaknesses are severe though. Everyone in this thread knows a low, slow or engaged F4U is an easy kill. It's a huge, hard-to-miss air frame with poor visibility, making it ripe for picking, and therefore usually everybody's prime target.
Acceleration is weak, so it's difficult to equalize an energy disadvantage or recover from a mistake. Once you drop flaps you're a sitting duck for everyone and his brother. Fighting multiple cons without holding a clear energy advantage is all but impossible IMO. I think I can hold my own against most, but it's a rare day I beat 2 or more cons at once.
Sure, if you can be disciplined (read: timid) and keep up your SA, the Hog is the jack of all trades. If you run into superior numbers, you're toast.