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We many times tend to compare fighters in a fighter vs. fighter role.
But how do they stand against other targets, eg. how successful would be a fighter against a B-25 type of target?
From that point of view, Zero would have much more trouble then Hurricane II or P-40E, since the .50cals would've make minced meat out of it. The cannon that has lower performance even compared with MG/FF just emphasizes the issue.
I am going to have to go with the Zero here. I think that it was highly over rated and once aircraft such as the Hellcat and the Corsair were in service, she was obsolete.
But in 1942 she held the advantage, even if ever so slight.
Independent of the performance the range was avery important factor. Much like the Mustang - it would 'do it' over our territory and do it well.