The US still holds a decisive edge in the AWACs field. Regarding AESA radar, US radars are also still arguably the best -- BUT the Russians and French are catching up quickly.
But by all indications, the US has already lost the race in the third component, the aircraft itself. Russian and European aircraft have trounced the F-35 before it has even been introduced. One reason the F-35 is taking so long is because they keep going back to the drawing board to play catch up. Air Power Australia's detailed scenario-based study concluded that the US is outclassed comprehensively in a match-up involving the PAK-FA T-50 and the F-35s. The only aircraft in the world with a prayer of competing against the PAK-FA is the F-22.
In this respect, the Senate decision to discontinue the F-22 program is strategically disastrous. The F-35, when introduced will emerge to find an alien world where its adversaries will outclass it from the beginning.
A radical rethink of budget allocations is required immediately. The key to every US success in military confrontations in recent years from Bosnia to Iraq to Afghanistan has been immediate and total control of airspace, so the army and marines could move in under overwhelming air cover. If this capability is lost, the ability to go in where needed is lost.
In this respect, I do not see this fundamental realization in US political or even military circles. They seem strangely complacent and overconfident in their ability, as if past success is the guarantee of future endeavors without any effort.
"O' the good Lord some giftie gie us,
To see oursel'es, as others see us..."
~ Robert Burns