I did a very detailed analysis of this for a paper last year.
The Argentine military is a joke, they're much worse off compared to 1982 than the British are. Most of their aircraft are inoperable. They've spent very little money on defense recently. They have lost a lot of capabilties they had in 1982.
I agree that the cuts in the Royal Navy are a shame, but there's been a lot of overheated rhetoric in the UK about the threat to the Falklands - the Argentinians can't realistically do a whole lot.
Even though the size of the RN has been drastically cut, at least now the whole Royal Navy has credible defensive weapons against sea-skimming missiles like the Exocet; they had almost none in 1982.
Astute analysis.