There is unfortunately a mountain of negative publicity regarding this aircraft and I thought it would be interesting to pull together research on the issue to see what the real case may actually be.
The criticisms seem to fall into these main areas:
1) Over budget. Not in itself a surprise or even a major concern in view of the fact that the concept itself is very advanced and NATO is looking for the aircraft to be the mainstay of it's fighter capability for the next 40 years.
2) It's offensive missile capability is insufficient. Apparently it carries only 2 air to air missiles.
3) It's maneuverability is inferior to it's competitors; worryingly one of these could be the Sukhoi SU-35.
4) The program is running increasingly late, and latest estimates have put the in service date optimistically as 2014 and some sources as late as 2018. Is this a concern? What is the life span of the current F16's and does NATO have any other new build fighter aircraft available within a shorter time frame? Does it leave a serious time gap within which NATO aircraft could be lacking in the event of a conflict with one of the other (semi) superpowers?
5) The software has still not been finalised and because of the aircraft features is overly complex and will be difficult to de-bug.
6) There are a host of mechanical problems; see below for list :
Lockheed Martin F-35 Lightning II - Wikipedia, the free encyclopedia
7) It's stealth rating has already been downgraded from 'very low observable' to 'low observable' with apparently major implications.
So politics aside and looking at the issue from the aspect of NATO capability what does this all add up to?