Jacko,
The argument that F16 did not meet the requirement is a bit rich because for the whole period of procurement the threat has been rapidly changing and no requirement written 20 years ago could have stood the test of time. In any case, the aircraft now plays less part in one versus one than the missile, radar and defensive aids and even those have to be capable of upgrade to take advantage of new technology and to counter fielded threats. So, provided the platform has sufficient agility and performance, it will do the job. However, if you spend so much on the platform that the numbers procured and fielded are much less than you need, you will still lose because quantity has a quality all of its own.
It's the last part of your argument that has always justified the procurement of late, over-budget and often unsuitable British manufactured weapons systems and the armed forces have had to foot the bill. If Typhoon is merely late and over-budget that is really good news but it does not alter the fact that if our industry cannot produce on time and cost the workforce should redeploy to an industry that they can succeed at.
The social security budget should not be confused with the defence vote.