This thing is both pain and satisfying. If I become a War Thunder content creator partner, my decal is going to be Loviatar in a Mig29 cockpit.
The Mig-29 SMT sits at a battle rating of 13.3 in a max spread of 13.7. This means "downtiers" are virtually non-existent. As a 13.3, the Mig-29SMT is forced to fight against more advanced and capable platforms, forcing the pilot to use ingenuity to achieve surprise on the enemies of a match.
R-77 missiles are lacking. The AIM-120 performs better in every single meaningful way except maybe one; short-range low-speed turning capability. This means the Mig-29SMT is supremely good at pouncing on slow enemies. Then again, if you're in an aircraft armed with AIM-120s and you let yourself get slow, you're flying wrong.
Consider Gaijin's rules around stock Fox-3 aircraft;
If the Mig-29SMT were armed with NO fox-3's when stock, and were able to mount the 2 R-77's after unlocking the upgrade, being armed with 2 R-77's at most and no more, it could be argued that the plane be placed at 13.0. As it stands, it is a very capable aircraft at the 13.3/13.7 meta but does require fuel management and planning, and greatly benefits from 6xR-77's.