I think what makes the Pegasus so dangerous is the fact it can lay the smack down before the Raiders even arrive within range of the Flak screen, Razor, to me, showed what happens if a BattleStar gets swamped under by Raiders, throw enough water at a rock, and the rock will crumble.
Vipers seems to be considerably better in combat than Raiders, Galactica's complement of old vipers can make a severe mess of a much larger group of Cylon fighters, though, in fairness, that's because if they didn't the series would have been a lot shorter.
I'd say that one on one, Colonial ships are significantly superior to their Cylon equivalents, but with the advantage of Resurrection ships and the ability to make new warriors 'out of the box', rather than having to train new recruits, it really boils down to a war of attrition, if the Colonials can find and hit the Resurrection ships, then they stand a chance, but if they don't they will, like the proverbial rock, end up being worn down.