Or.... the reality is that the money will keep flowing to make it work and more and more jets will keep rolling off the line. Every jet that does roll off the line makes the F-35 Program stronger and harder to cancel (which answers the thread postulation btw!). Modification is more extensive on earlier frames because there's more to do. Cut-ins for such Mods are already baked into future LRIPs. The Mod program is therefore actually improving with time, not getting worse.
Testing will never be complete due to the extensive upgrade Program through-life.
I'd let the Services define their Operational criteria and assess it. Armchair enthusiasts need not be worried.