Stegahorse, "It just ain't right!!!" seems a little bit vague.
The P-47 we have is mostly and comfortably 'up to the stats' in my opinion - it's a fast plane when high, not so inspiring in maneuverability but dives and rolls great, great firepower, stable gun platform, awesome A2G ordnance...
The only factor, but the largest factor that the P-47s have so limited success in AH is because basically the MA is a chaotic mid/late 1945 arena with monster planes flying around. Pulled out of historical context, a good plane might achieve so little.
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Maybe you should try some of the CT setups. Although there are limitations, the historical planesets result in some interesting observations.
For instance, the ever-so-damned N1K2 is almost helpless, when they are solely alone to fight a band of organized 1944~45 USN planes, in PAC setups of the CT. The USN pilots usually fly by "Historical" agenda - come in high, don't lose speed, and run away like a greased pig when things get tough - and since there aren't any La-7s to catch running planes and force them to turn, even the N1K2s are usually in a diabolical situation where it is totally passive against incoming USN onslaught by those awesom F4U-1, F4U-4s and F6F-5s. A slow plane, which is incapable of forcing the fight to its terms - that's what the N1K2 is reduced to, in the CT.
Another example is the Hurricane MkIIC, Spitfire MkV, Bf109F-4 and the Fw190A-5 - in North Africa setups. F-4s are like Tempests of this era, and since nothing can catch them in time, they almost totally dictate the fight. Organized bands of 190A-5s slaughter SpitMkVs in North Africa setups - something probably unseen in the MA.
Also, in the 1944 Rhein setups, organized bands of P-47s are versatile, and very hard to fight against even for superior planes like the Bf109G-10 and the Fw190D-9.
Since the CT has limited number of pilots, unlike the MA, a loss of even a single friendly plane has a powerful impact. In the MA, hundreds of planes get shotdown in a single area, as the pilots keep upping the planes and step into the ring. In the MA, when you win the engagement, about 2 minutes later more enemies head towards your way. Unless you are in a monster plane yourself, you will be caught low and slow. However, in the CT where the numbers are like 20 people for each sides, when a certain side loses local air superiority, it stays that way for long - no instant reinforcements, chaotic battles don't last long. Were it in the MA, even if organized P-47s pilots win the battle against a few superior enemies, they'd be caught low and slow against many more which have upped during the fight. ......
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It's mostly about the skill level of the person piloting the P-47, and the historical context of the arena - as long as there are some sort of concessions which force the arena into something that reflects 'history', the P-47s are powerful planes. I love flying the Bf109G-10 - I usually laugh when I meet a La-7 at something like 23k.. however, when I see a P-47 at that altitude, I get nervous, becuase the chances are, judging by the altitude and merge style, it is highly probable that the P-47 pilot is someone who knows his plane very well.
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Ofcourse.. there are other alternatives.. which I have often thought of, such as increasing perk limitations on late-'44/'45 planes, and forcing the MA into a '43 environment...
but that, is another story.
