I'm not saying that the project calls for it, but if a shutdown and cancellation was required this late in the ballgame, it'd never happen and the jet woul get pushed through anyway. That's the way politics have turned in the west.
When talking about a defense project this size, it's nearly impossible to really gauge whether it's like many other 'cutting edge' projects that've had teething and budget problems but will prevail, or if it needs to get axed. There are few people who're truly qualified to say so.
I go back and forth on the F-35, personally. I may have listed more cons, but I'm not suggesting that any specific item I've listed has a certain amount of gravity.
pros:
1. It's netcentric, datalinked and 'eyes-open' method of conducting warefare is truly the way of the future.
2. It will maintain our ability to produce combative aircraft and prevent further decline of our development and manufacturing capacity. If we even go five years without designing or producing, the affects will be felt for a long time. We don't need a giant military, but we do need the ability to create one fast.
3. The avionics produced for the program will benefit many future projects and breathe additional life into our combat avionics subcontractors.
4. People need jobs!! The production lines around the country will benefit many.
cons:
1. It's cost could be near or exceed F-22 territory without bringing the same capabilities to the table.
2. Some believe it was supposed to be cheap and a light fighter/bomber replacement, and it's turned into somehting else.
3. It's been said that we can produce new blocks of F-16s that can do the same exact things.
4. As expat said, and it must be considered, Foreign F-35 sales are likely to be affected by it's price.
5. A potential additional threat to foreign sales is the infrastructure needed to fully integrate all of the F-35's capabilities into operations.