FB,
The classic (and true) responses used to along the lines of:
2 FJ with PGMs today can achieve the same results it took 1,000 Lancasters in WW2. (a similar example was well illustrated in Vietnam, where one of the earliest uses of LGBs enabled a bridge to be destroyed that had survived multiple raids with conventional iron bombs)
A 4th generation fighter can shoot down 4 F-16s before they even know it's there.
etc.
However, the counter arguement to that is that even the best asset in the world can't be in two places at once. Eventually you end up with a very few, very expensive, highly capable assets that you are afraid of losing, either in combat or training, which ultimately makes you risk averse, where any unserviceability has a disproportionate effect, and limits how many places you can be effective in at once.....