Hi Jeepney,
Sorry to take such a long time to reply...
Here are the flaws in the kit, which I picked up after trawling the net for info on this kit. I picked it up from a variety of sites, so don't ask me those!!!
1. The Italeri has got incorrect burner and some inaccurate fitting near the nose. Other than that, its pretty OK. The nose fitting is a lot of work. But the burner thing seemed fairly easy to correct. The problem was that the engine "tube" pieces that go between the back of the fuselage and the actual "turkey feather" cans is about 1/16" too long, which makes the feathers themselves stick too far. If you just saw that much off those tube pieces, though, everything seems to line up quite nicely.
2. Italeri's are off in the forward section and landing gear. Its major flaw is in the size of the wheels - both main and nosewheel. Replace them with the same items from the Airfix kit and you have the most accurate MiG-29 in 1:72 scale.
3. According to drawings in 4+ book, the overall shape is good, but cockpit, wheels and missile pylons aren't so good. While for the cockpit and wheels you can use aftermarket items (such as Neomega and Equipage), the pylons must be scratchbuilt.
4. The panel lines have a "soft" edge and sometimes (mainly on the wings) are in the wrong place.
HTH!!!
Cheers, BP.