Glojo,
depends who you listen to, and depends on whether you think their concept of operations has to fit in with the assets we've got on the islands.
personally, i think that if they gave themselves 6 months, hit the credit card and went on the international spares market they could produce a 20 aircraft fast jet force that could run the Typhoons ragged and prevent reinforcement of the air assets on the Islands. how long they could keep that up for is a matter of debate. you'll notice however that Argentina doubled its defence budget two years ago and didn't buy any big ticket items...
unless the RN could then put at least two fully armed and operational Type 45's next to the islands i don't see how the arial stranglehold could be lifted. that said, i don't doubt that a pair of Typhoons under ground direction would make a right mess of an incoming Argentine formation.
my concerns are threefold - a) that in any conflict they will get the first punch in at a time and place of least convenience to us, b) that we have a history of being surprised when our enemy fails to adhere to our plan of how to defeat him, and c) that we confuse our military planning with the enemys political thought process.
i could of course be wrong - sadly however thats not something you'll hear from those who say 'no problem here, nothing to see - move along now'. the fact that such people are usually responsible or concerns (b) and (c) is of course completely coincidental...