SpazSinbad,
All this Red Flag stuff is indeed a good LVC training exercise. Complex tasks, real stress to pilots and so on, as in any live training.
However, measuring effectiveness (1:15, 1:100, etc) here is a miss by a mile.
One should not only have accurate models and sims of the adversary planes, SAMs, radars (all kinds), EW aircraft, but also C4I. Would be interesting to see their validation report concerning that matter :-)