It's probably too early to make that pronouncement; there are always problems with new fighter planes, and after a year or so, they get ironed out. The F-35 has had its share of problems, but they are being slowly resolved.
Overpriced? The most expensive thing in the world is the SECOND-best military - because not only was it very costly, but you lost the war anyway. We'll need to see how well the F-35 performs in combat. It's likely to be "Expensive, but worth it!".
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