ORAC - VMT a very succint description of the problem. The interesting thing about LCS is that the Navy effectively sh1tcanned the requirements process in detail, cut NAVSEA out of most of the deliberations and put the design and build in the hands of second tier shipyards. Result - a programme that has gone from concept design ITT in 2002 to first of class in the water in early 2007 and is still broadly within target unit cost of $250M. Of course it helped that some of the payload (combat system items) were kept from the programme, but is indicative of what could be achieved.
Steamer - the Baron is only part of the problem. Without sufficient opportunity to design NEW vessels, develop the build programmes and commission them, VT would still be subject to the same problems. That's the bit MoD needs to grasp. Rather than lump all the "important" bits into Shipco and give out new design orders every 15 years, we need to decrease the periodicity and pay the penalty in NRE.