flying qualities/envelope/store payloads comparisons, but since F35 is a more modern A/C, in terms of sensory fusion and automation, advanced avionics etc, it should beat F16.

However, it's a multi-role flighter, there'll be tradeoffs that may make it less competitive in certain situations.

Two factors affecting its reliability, modern design should make it more robust, while higher complexity'll make it less reliable. Not enough data to judge this aspect yet.