The early APG-70 of the F-15s already had LPI mode so its not
really a new concept. The difference is that later AESAs allow
continuous tracking without triggering the RWRs. From my limited
understanding, this is achieved through low power, freq hop,
etc. So there is no issue at least at this time of having
secondary guidance + terminal guidance is "fire and forget" for the
AIM-120.
IR missiles don't need tracking but sensitivity is an issue for
long-ranged IR missiles.
Suk radars light up like christmas trees and they aren't aesa
which suggests same problem with phased arrays.
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F-35 isn't so much as trade off for stealth as designed for
stealth. Even the -B version has more range without tanks
compared to the F-16 with tanks, carries as much munitions
internally as the F-16 with tanks, whilst still
enjoying stealth with greater performance from higher thrust
engines with higher TW rating, better avionics, internalised
systems and capability for upgrade.
If the F-16 could fulfil the role today, its steps up with the
F-35 (any version).
Its easy to say the F-35 could carry more, be faster etc. The
limitation is always the engine ability and 2 would be required for
better performance. That would be the F-22 with
correspondingly greater cost.