>The E-7 Wedgetail is a vastly more capable platform than the Erieye/GlobalEye in pretty much every way

The airframe itself, perhaps. As for the radar, that remains to be seen. The E-7 uses an L-band AESA radar, whereas the GlobalEye's radar operates in the higher-frequency S-band. In general, higher frequencies are better for engaging smaller/faster targets, but perform worse in adverse weather conditions.

It's been a long time since I took my electronic warfare courses, but in a situation where the radar is expected to spot small drones and other targets I would prefer a higher frequency radar.

It should be noted that the US military itself didn't want the Wedgetail in favor of a space-based solution, until Hegseth forced them for publicity reasons.

Was it just a publicity issue? There was a real risk of a capability gap in that all of the old E-3 airframes would have to be retired long before a space based solution could possibility come online. Plus in an era of anti-satellite weapons proliferation, a crewed aircraft might actually turn out to be more survivable.