Seems to me though that the Falklands are a country in their own right, so don't have to belong to anyone. However, the status quo is that they are British and AFAIK, almost everyone who lives there want it to stay that way and that should be respected, regardless of who they are geographically closer to (same goes for Gibraltar) - It is more wrong, IMHO, to say that we can't be ars*d protecting a bunch of British Citizens (?) from hostile takeover by a foreign government just because they are a long way away..
If that were the only basis for 'ownership' we should go in all guns blazing to try and get the Faroes back from Denmark.
Interesting thing if there were to be another war though, is to see if the old 'special relationship' with the USA is a truly two-way street.