Well, Britain AFAIK will maintain 2x carriers in service operating with JFH GR-7 (A) and GR-9 (A) fighters, Sea King AWACS aircraft (which going by a famous quote in GW2 are able to see "EVERYTHING"!!!) Plus an aircraft carrier that is mothballed, but able to be re-activated "fairly" quickly.
Combine this with HMS Ocean (which is a level of capability Britain DIDN'T have in 1982) and the WAH-64 Apache attack helo's, plus the Tomahawk land strike capability of RN submarines and you get a pretty potent force available. This will be enhanced, as will general air defence when the Type 45's are in-service and obviously when (and if) the CVF/JSF combination is introduced into service.
A quick scan of available info about Argentina's available forces, shows little improvement over that available in 1982 to my reckoning, but the strike capacity of the UK has expanded tremendously. I accept that fleet air defence capacity has lessened due to the withdrawal of Sea Harrier's Blue Vixen/AMRAAM capacity, but GR-9(A) Harriers with HMS, ASRAAM (borderline BVR capable missile anyway) and internal IRST will be no slouch at air combat. When these are networked to the Type 23/42/45's and the Sea King AWAC's, they'll have a level of capability almost as great as they did before.
At any rate, this force will provide a potent air combat capability that far exceeds Britain's level of capability in 1982 (it had no BVR missile available then either) and when added to the greatly increased strike power of the RN, is not a force I'd dismiss lightly...
France might have a "conventional" carrier, that is next best thing to a USN carrier in the world, and carries a good complement of Rafale fighters and E-2C Hawkeye's, but it's only got one... Without that carrier, France doesn't stack up very well against the RN.
In my opinion, the RN is still the second most powerful navy in the world.