the F-35, does it make any sense?

The cheapest total development cost that i find for the JSF is 50 billion dollar.

The cheapest realistic production cost is 40 million dollar for every one of the +/- 3000 planes which are planned. Adding this up I get a whopping 170 billion dollar.

For this amount we could get +/- 700 extra F-22 (if at all needed).
Probably a lot more taking into account economy of scale bringing the price of an individual F-22 down, and economies made on training, maintenance…

Now, is this reasoning completely bananas wrong, am I missing something, or does it indeed not make any sense?

To me it does not make sense in any case. The F-16 was a good partner for the F-15 because it held its promise of being relatively cheap and very performant at the same time. The F-35 seems very expensive for a plane which justification is that it is cheaper than the plane it has to support.

Och, VTOL you say; are we sure that we actually need that (we have helicopters and ospreys)? and would extra F-22 not largely compensate for this?