HH, I have never denied the Program is both late (not too late though) and over cost (it is way over total Program cost). The unit price will settle within 10% of the goal - if it doesn't, Trump will axe it. That's what his statements on F-35 really mean, whilst giving the USN some options to plug their fighter gap with SHornet until F-35C's problems are ironed out some more. I'm not an apologist but take issue with unfounded leaps of faith, such as the one you made about F-35 being a "pup", under suspicion by those receiving/buying it. The customers are very aware of what they are getting. People fear what they do not understand and the journos snatch the little snippets they get and publish. Those snippets are often wholly taken out of context. The IOT&E report is 'warts and all' but dangerous when interpreted by those who aren't necessarily able to view them in the context of the entire system capability. Therefore they are unable to answer the question 'what does this mean then?', often bridging the gap with assumption and WAGs.
Whether you believe LM, or don't, is a personal judgement. The USAF declared IOC, end-of. Be critical and suspicious if you will, but when I occasionally point out that the mountain is awesome even though the mole hills are problematic, I'm being honest, not paid to say so.
There are things that affect the Program, outside of the Office's control. From where I sit, things are pretty stable now but the new administration may alter that.
Will the Program be cancelled? I sincerely doubt it.