One question, how does it fare against Rafale as a swing-role fighter? Can you compare all attributes(BVR, WVR, strike: CAS, SEAD, DEAD, bombing etc) of both these planes?
Hard to say... in terms of WVR and BVr air to air combat Rafale has Meteor but then the new AAMs being developed for the PAK FA will likely negate any advantage that might have bestowed on the Rafale... for instance the RVV-BD is a bog heavy missile but exceeds the practical range performance envelope of Meteor by a very large margin.
the same can be said for air to ground weapons with the full range of air to ground weapons available to the Mig-35 with the exception of the FOABs... and the Kh-32.
The Rafale seems to have a very good radar but the radar in the Mig isn't junk either, and the EO suite of the Mig-35 seems to be very impressive too.
the avionics in the Mig-35 is likely to be the first stage 5th gen systems they will be working on for the new light 5th gen fighter which means future growth potential for the Mig onto a stealthy platform in the near future.
Both could form the basis of a carrier based aircraft... though the rafale seems to require cats.