Having worked in aerospace (and suffering from government customers), I have a degree of sympathy with Lockheed Martin. They have been tasked to build a single engine, supersonic, stealth aircraft, cheaper and as capable as an F16, and capable of conventional carrier operations and VTOL operations, all in one airframe, whilst carrying the single most advanced suite of avionics ever crammed into a fighter. All whilst having the face of the customer change every couple of years, each wanting to make his/her own mark on the programme (and thus changing requirements) in an uncertain political environment made more complex by the massive international arena and the lack of political backbone to stick to procurement numbers.
Now that is one hell of a tall order. It makes TSR2 and Eurofighter look simple. And to be fair, they haven't done a bad job with the hand they've been dealt (development issues aside which you will always get when trying to integrate this many toys). But there was never, ever going to be any chance of it being a cheap super fighter.
Now for the idiocy.
There is no need for a common airframe!!! A common airframe (and lets face it, the three variants, whilst similar, are not the same) really does not buy you cost savings, nor does it reduce your logistics. Having a common set of "guts" does.
Had they gone with three different airframes (Conventional, VTOL and carrier) that shared avionics, engines, cockpit design, undercarriage, interfaces etc, the programme would probably have worked out slightly cheaper and each variant would be optimised to do what it was designed to do. Unfortunately, the politicians see three different aircraft and don't understand that the cost of developing three which share bits costs the same as developing one that doesn't. Unfortunately, they won't remember this lesson, so prepare to see JSX in the not so distant future...
The big question on my mind is LRS-B. Having designed a powerful engine and advanced avionics suite for the F35, will they reuse that to drive costs down? Sadly, my well developed sense of cynicism tells me No!
Jetfreak - you want to see a ridiculous story, look up the Eurofighter on wiki! Now that is a political mess. Another lesson we never learn, international collaborations add time, cost and complexity to a job. It never makes it cheaper!!!