Avionics wise, I think the MESA is definitely a more advanced
radar.
Plane wise, the 737 has lower cruising speed and 1/2 the range
of the G550 (primarily because of the size and almost 2 x weight
issue).Fuel wise the G550 carries about 6,000 US gallons compared
to 6,800 US gallons of the 737 (which is not too far off) and can
include a fuel probe.
The G550 also operates at an higher altitude. From a radar range
angle, an higher altitude gives a longer look-down detection range
(due to impact of earth curvature if there is sufficient power for
the radar which the phalcon has).
A smaller aircraft also provides added safety eg shorter
detection range by enemy jet due to lower RCS and lack of a dome or
hump compared to the 737 makes visual id a little bit more
difficult from range. The radar signature is similar to any other
business jet which complicates id.
Commercially, G550 costs more to operate as a business jet cos
737 carries more passenger = more passenger $. However, plane to
plane, fuel cost will be lower. Spares are likely to be cheaper for
the 737 as there are/will be over 4,000 737s. At 120+ G550s, the
difference in spare costs and maintenance will not be significantly
higher esp for a smaller jet.
The CFM-56 on 737 is also very widely used. However, the
rolls-royce engine (more than 500 built by 2007) is also used by
many business jets including the Gulfstream V (191) and Bombardier
global, so there'll be sufficient spares for those. For military,
no issue of parking rights and cost so that's a consideration
deducted.
Don't forget that Australia is a major ally so it has access to
most technologies whilst Singapore is not and likely will get
down-graded versions. For IS-SG co-op, no such hang-ups as SG is
able to access all Israeli tech (so long as its able to afford it
and US tech transfer is not an issue).
G550 has shorter runway take off distance (3500 ft at full fuel
load) and 2800 ft landing which is significantly shorter than the
737-700.
Cabin volume for the 737-700 is triple the G-550 but again, how
much of that is excess space is another issue.
Yes, the G550 will have elint and comint capability. One can
check out all the juicy details on elta's website which can be
accessed from www.iai.co.il.