^Re-equipped is a bad choice of word, F-35 is a platform designed to lower manufacturing and maintance costs thanks to unification of differently-specialized aircrafts. A-la FCS's MGV. Pretty basic and rational idea if not for skyrocketing pricetag that's killing the whole program.
Don't be beleive it gonna be cancelled though despite the cost, it's too big for that (though that's what they said about FCS :D ). Not sure about the actual production series, it might be limited compared to what's been planned.







