Yeah, I'd have to agree with you on the P-51 there. It did its part but how much is myth and how much reality. There is always some myth to a legend.
I'd have to say that the F-16 gets a bit over rated in some aspects. A generalized aircraft that really doesn't master any one element. Lots of countries have got them, but thats because they aren't that difficult for local companies to put together. and look at the cost of an F-16 compared to say an F-15.
When the U.S. Navy took them on as Aggressor aircraft, they really showed their fragility, from what I recall the F-16N fleet didn't last more than about 5 years before their airframes had taken such a beating in those hard Navy style landings that they just couldn't go any further.
The F-16 does put on a great flying display. but does it gets its popularity from what it can do or more for its good looks? Does it get its international clients through proven track record or more economy and ease of service reasons.
Don't get me wrong, she's a decent plane and a real looker, but she is becoming a legend in her own right and has more than a bit of a mystique about her and reputation that usually proceeds her. So, Where do the F-16s realities end and her mythologies take over?