"However, when faced with the end of the cold war and rapidly changing threats, at a time when the cost overruns and delays were obvious, the logical decision would have been to buy redundant F16s and cut the losses."
1) The major delays and cost hikes had already occurred by the time the Cold War was recognised as being over.
2) Even after the Cold War, redundant F-16s did not and do not meet the requirement. Against a developed 'Flanker' threat, F-16s would lose as often as they'd win (or worse). They do not represent any improvement in capability over the F3 and Jaguar they would be replacing.
"The taxpayer could have got a better deal if we really had a "smart procurement" system."
True, of course, but it would not have done anything to stop the five year delay (and attendant price rises) which flowed from German prognostication and prevarication.
"The praises of Typhoon deserve to be sung to potential export customers for they did not suffer the delays and R & D costs. I suspect at the price it will be offered and the delivery date they will get it will be a real bargain."
I suspect that the R&D costs represent a small price for the employment and industrial capability Typhoon have provided to UK plc, to say nothing of any export earnings in the future. I suspect that while the delays and price hikes are unacceptable, the end result is that the RAF will get a superb aircraft when it needs it (and having been able to amortise the costs of its previous platforms, and get maximum VFM from them) and at a reasonable (if inflated) price. On one level it's awful that we didn't get Typhoons in 1995 for £30 m each, but getting them in 2008 for £43 m (£63m incl R&D) each still makes them a good buy.