Every system that could be modeled in FSX (nav, radar, terrain, engine, etc...) has been modeled...
I beg to differ.

...but to be honest, now that I have gotten over my initial disappointment (I was expecting A LOT more), the aircraft is pretty excellent. The visuals and sounds are incredible, and most of the system/function inconsistencies (when compared to the real F-16 A/AM/CJ) are forgivable.
The only real faults with the aircraft is that the HUD gets squished and clutters towards the bottom of the HUD during higher AOA manoeuvers and the landing light won't go away after the gears have been retracted. (Oh, and the "MAP" on the RMFD has been driving me nuts too...

)
Its an excellent deal for only 30-ish bucks.