I too think the Mauser Bk 27 is one of the best onboard guns. According to the official Rheinmetall defence website for the Eurofighter the package size was even reduced by 60% compared to earlier variants thanks mainly to the linkless feeding system.
Rheinmetall claims very high precision for the Bk27.
Some data on this newest variant :
Type: gas-operated automatic revolver cannon, linkless ammunition feeding system
Rate of fire: 1,700 rds/min
Muzzle velocity: V0 1,025 m/s
Velocity after 1000m: 695 m/s
Muzzle energy: 136 600 Nm
Version Mass incl. barrel: 102.5 kg
Compared to the Vulcan, during the first second (and it's said that most bursts in a dogfight aren't much longer) the Bk 27 delievers 7kg to the target while the Vulcan delievers about 6kg. As distiller said, that's mainly because the "ramp-up" of a gatling type gun.
A wide range of ammunition is available for the Bk27 incl. HE, AP, APHE, SAPHE, MP/PIE
and the kick-a** 27 mm x 145 FAPDS.
Lifetime is up to 23.000 rounds which makes 3x NATO requirement service lifetime.
Besides on the Tornado, Eurofighter and Gripen the gun is also used with the new MLG 27 naval gun.
Links:
http://www.rheinmetall-detec.de/index.php?fid=1516&lang=3&pdb=1
http://www.waffenhq.de/flugzeuge/bk27.html