I lived with an argentinian for a year, 2 years ago. He wanted to join the airforce but said it was almost impossible, he told me their airforce is very run down. He said there don't even have any frontline fighters.
The lack of funding + kit of our forces is nothing in comparison to the neglect of the Argentinian navy + airforce ,due to argentinas economic problems. The only real naval threat to the Royal Navy would be the 4 meko 360 destroyers with their 2 quad exocet missile launchers.
Despite our navy bing much smaller than it was at the time of the falklands, I feel it is much better equipped for amphibious assaults. I've little knowledge of the RFA so i don't know how our ability to supply our forces 8000miles away compares to 25 years ago.