Ultimately, the value of an asset is how its used (look at the Blackburn Skua - wholly inadequate fighting machine, but still sank a cruiser). Both the Lusty and Yorktown were constructed with different philosophies and roles/theatres in mind; would the British have gotten as much valuable service out of the Yorktown and they did with the Lusty and vice versa with the Americans? If either side had no other option, then yes, I believe so, despite each ship's limitations in the different theatres they operated in. I believe the Yorktown might have been more vulnerable in the ETO and in the Med it would have been subjected to heavy attacks, which it's likely it might not have survived, whereas the Lusty, if it were in US hands, in the Pacific its limitations are well documented - Max Hastings' book, which Renrich quotes from is excellent and well worth reading and gives an eye opening view of this all-important aspect of the war in the Pacific; The British really couldn't match US numerical assets, nor operational experience in theatre, but if the US had Illustrious Class carriers they would still have gotten what was asked of the carriers from the outset, despite their limitations of small aircraft numbers and shorter range.
The Royal Navy was hampered considerably post WW1 in terms of aviation for a few reasons; in a fiscally lean post-war environment, followed by nationwide calls for peace and disarmament, carriers were an expensive symbol of militarism and the RN clung desperately onto what it had at the end of the Great War despite the ships' inadequacies - Courageous and Glorious were slated for conversion to carriers as early as 1917 and conversion of Furious into a full flat top only made sense. Also, the RAF took over all naval air operations in 1918, combined with peacetime reduction of capabilities hindered naval aviation growth in Britain after a bright start leading the field during the Great War. It wasn't until 1939 that the FAA gained complete autonomy from the RAF.
So at the outbreak of war Britain's naval aviation is hindered with inadequate aircraft, small budgets and carriers, which are of variable value in a high threat environment, that are restricted in size owing to cost and original design constraints. Yet, the RN and FAA gave astonishingly good service with the equipment they had in extraordinarily trying circumstances, despite all this. So, in conclusion, it's very hard to state which was better in my opinion; both ships had their merits, but would each one have been as effective as the other in the environments that the other was used in by the forces in those theatres?
The Royal Navy was hampered considerably post WW1 in terms of aviation for a few reasons; in a fiscally lean post-war environment, followed by nationwide calls for peace and disarmament, carriers were an expensive symbol of militarism and the RN clung desperately onto what it had at the end of the Great War despite the ships' inadequacies - Courageous and Glorious were slated for conversion to carriers as early as 1917 and conversion of Furious into a full flat top only made sense. Also, the RAF took over all naval air operations in 1918, combined with peacetime reduction of capabilities hindered naval aviation growth in Britain after a bright start leading the field during the Great War. It wasn't until 1939 that the FAA gained complete autonomy from the RAF.
So at the outbreak of war Britain's naval aviation is hindered with inadequate aircraft, small budgets and carriers, which are of variable value in a high threat environment, that are restricted in size owing to cost and original design constraints. Yet, the RN and FAA gave astonishingly good service with the equipment they had in extraordinarily trying circumstances, despite all this. So, in conclusion, it's very hard to state which was better in my opinion; both ships had their merits, but would each one have been as effective as the other in the environments that the other was used in by the forces in those theatres?
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