I'm currently building an old Matchbox Tomcat, purely for nostalgia (I built one as a kid and always wanted to see it painted but never got around to it - 35 years later...)
I haven't built any other Tomcats so I can't give a direct comparison, but I'd have to say the Matchbox is pretty poor. Moulding quality is very heavy and clumsy with not much detail on offer. Panel lines (trenches) are engraved, but they are deep, wide and I suspect don't bear much resemblance to the original. Having criticised the depth of the panel lines, they do give the oportunity to hit the kit hard with wet'n'dry to at least make the surfaces flat (after which the panel lines look much sharper).
The movable wings are pretty toy like, I opted to build mine with fixed wings and completely removed the geared swing wing assembly.
Parts fit is very poor, the upper/lower body and fuselage/body joins needed a lot of filing and filling, and generally all the part make only a token gesture of fitting together.
I haven't got to the decaling stage yet, but the decals have been sat in the box for 30+ years and Matchbox decals were always pretty dire (regularly used to fall apart as soon as they hit the water) so I'm not hopeful.
I gave up trying to turn this old beast into a top quality display model, instead I'm building it as a testament to how far the industry has moved forward, and a testament to my youth. Anyway, if it was covered in delicate PE I wouldn't be able to pick it up and fly it round the room with suitable sound effects... thereby proving that as an exercise in nostalgia it's great. For a quality model of the F14 - look elsewhere!!