They should have just incremented on the F-16, now that is an exellent fighter - so elegant and simple. One of the F-16 designers has some great insights on the F-35: http://www.youtube.com/watch?v=UQB4W8C0rZI
This guy is advocating that all aircraft should be designed for short range dogfighting when this aircraft most likely designed for beyond visual range combat. Of course it's gonna lack the maneuverability. Try comparing it to the F22.
It's not at all clear that fighter aircraft are going to be doing much in any future conflict with e.g. China regardless of how quickly they can shoot down 30 year old technology.
Yes. By the time the F-35 works, it'll be obsolete for most of its missions because cruise missiles and drones will have utterly surpassed its capabilities.