If the X-Men are written as acting like a team, they stand a chance. However, if the writing gets sloppy and everyone simply "pairs off" to slug it out, they're doomed.
It also depends on which "classic" X-Men team we're talking about. The lineup of Cyclops, Jean Grey, Beast, Iceman, and Angel is a whole helluva lot weaker than Cyclops, Jean Grey, Beast, Iceman, Wolverine, Storm, Bishop, Rogue, Gambit, and "Joseph" (Magneto). I'd say the latter lineup is pretty well matched against the Avengers or the JLA.
Heck, each INDIVIDUAL X-Man goes through vast increases and decreases in power. Wolverine with an adamantium skeleton is much different than Wolverine without. Iceman has gone from a snowman who tosses snowballs at Magneto to one of the more versitile characters on the roster.
Currently even Juggernaut is part of the roster, and the good Prof can walk on his own power. Which brings up a further question, hasn't Juggernaut and Thor gone at it a few times in the past? Anyone know how those bouts went?
Current City of Heroes/Villains Mission ARCs:
#77395: Red Scare
#98374: Red Dawn
#119509 Red Doom
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