Been there, done that.
We played a few games using Cyperpunk 2020 Maximum Metal rules for Mech combat. Cyberpunk tries very hard to mimic reality. We used expanded walker rules. They only had mini-mechs, because they concluded that there's no material strong enough to support a 50 foot robot. We bent the rules about and had a mech battle. First off, you can see mechs coming for miles. They're huge, whereas our tanks and powered armor were small and in concealment. On mech even failed to ever find one of my tanks that was firing at them. Mech can take a ton of damage. I was blowing out compartments, knocking out weapons and missile systems and still, the thing was moving. A good hit to a leg, and the thing is toast. It's only prayer is to find the attackers and destroy them before they eventually destroy it. A good way to win was to make called shots to the cockpit. They will usually stop a mech, even if you only get one good hit. A 120mm DPU round will tear through that, not necessarily killing the pilots, but either wounding them or knocking out the control systems. Also, from the air, mechs are history. One 1000lb bomb and it's a goner.
Once, we played a Battletech Mercenary game in which we used money to purchase our army instead of Tonnage. For ever mech the other players could buy, I could buy three tanks or aircraft. So, they had their company of 12 mechs, and I had over a battalion(50) of tanks. It was about four tanks for every one mech. We slaughtered the mechs. And mind you, this was using Battletech rules, which is slanted towards mechs.
I've also heard of coordinated Innersphere, 2025 artillery strikes, that is, 6-8 artillery pieces, being able to disable Clan Clusters with the use of small, two man spotter teams hidden on the map.
In the end, mech's advantage is fear. Imagine using Mechs in the First Gulf War. But once you get over that and know what your doing, Mechs are really a waste of military resources, like the German Elephant tanks.
I imagine a third world dictator using a mech to parade around the country side, stomping on villages that oppose him, until the rebels use their 105mm howitzers one day and put an end to the Mechwarrior Dictator. (ponders thought, that can work)
http://i43.tinypic.com/16lfqbl.jpg