We have a better blaster, unfortunately he has an excellent reflector. Still, cautious lasers are still a good idea.
We have a CG, and due to the fact that he falls mad fast, a followup with a gatling combo is quite effective in my experience, getting him to > 60% if you get it right. Still, like you say, he can combo us hard because we're a fellow fast faller. Watch out for dair to uptilt juggle combos, they hurt, like hell. Remember that a good Fox doesn't usually approach with dair, but punishes you with it, if you see a dair happy Fox, shieldgrab him, Fox really suffers from followups from Falco's throws.
We have a better horizontal recovery, but Fox mixes it up better, we'll find it much harder to gimp him than he will us. He can stall his fall with shine to keep us guessing. We, on the other hand, have to recover straight into the ledge with Phantasm, recover on stage (not a good idea as utilt beats it but on occasion you won't get punished) and Firebird from above into the ledge. If we recover from below with Firebird, prepare to get shine spiked. (Lol Blad
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If you're both in the air, nair will beat out his aerials, and bair will be pretty painful for him too, but you may want to keep it fresh for killing. Luckily for us Fox is one of the lightest characters, so he's not as difficult to kill. Unfortunately for us, we're light too, and Fox has an Usmash that will send you to your death at the early 100%s. Our kill moves are not going to kill until a bit higher, except maybe Fsmash, but don't expect an opening for that too often against an opponent as slippery as Fox.
As much as I don't like to say it, I think the balance of this matchup lies a lot in getting the CG. Land it, and expect the scales to tip heavily in your favour, but if you don't, expect it to be a tough fight.
I say 55/45 to 60/40 Falco. In terms of if they had a dogfight in Arwings, 99/1 Falco, because personally, he prefers the air, and is the best pilot in Star Fox
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