I ran a tally of weapon systems that I know (meaning have been stated publicly) are either delayed or canceled...
Ground Combat Vehicle, Armed Aerial Scout, AAV Upgrade, ACV, MPC, and LCS, B-1 Bombers, C-27J, KC-10 and A-10.
What we have seen reduced in service...
Numerous Air Force Squadrons, Army Brigades, Marine Corps Battalions and now Navy Aircraft Carrier deployments.
Personnel cuts are fuzzy and I've only payed attention to the Army and Marine Corps but the worst case numbers look about right....
380,000 Army end strength and 150,000 USMC end strength.
Having made cuts of this magnitude (and I'm sure I've missed some) then there is no way the F-35 comes away unscathed. Interservice politics won't allow it. Additionally there is no way that the US Navy signs on to buying F-35's at what appears to be an outrageous price when they can sustain their air arm with cheaper and more plentiful F-18's.
Sequester will do what Congress didn't have the balls to. Additionally I expect more economic bad news to strike. The Dow Jones was down 381 points on Friday and the day of reckoning in China is still looming.
Not only does the Pentagon have to contend with Tea Party and Republican budget hawks, Democrats that are doves and hate the military (the majority of that party) but they also have to worry about a public that thinks we've spent enough on the military, and doesn't want to see us involved in any foreign interventions.
The "cut personnel" and modernize the force gambit is not going to pay off. Instead they're going to get the worst of all worlds.
No modernization. Not even upgrades...and even smaller forces than they planned on.
I bet the JCS are all alcoholics by now.