Its obvious that pilot training is the major deciding factor in any aerial engagement where the planes are within 30 years of each other.
But from an airframe, missle, and avionics standpoint, the Mig-29M is on par or better than the F-16. It is faster, turns better, has longer range missles, has a wider field of fire, and is capable of tracking enemy aircraft passively without giving itself away.
I have no hidden agenda here, just stating the basic facts. But the fact of the matter is, pilot training is what really counts. Heck, several months ago I posted an account of an F-14 beating a Mig-29 in a dogfight.