I know that it will be overbudget, overweight, too late and full of bugs that will have to be worked out even after entering service. But well, what do you expect from a military aircraft development project. So when I think about the expectations that the people have who decided to order it, no, it won't live up to theirs, they are still thinking about a good, cheaper deal than the others and in-service date of 2010.
Secondly the industry, I think most will do fine and get their orders in, but on a country level I think the returns on investment will be dissappointing when it fails to get export orders and/or the US armed forces scale down their orders (to get more Raptors for example).
For the air force, I do think it will live up to their expectations. Speaking for the non-US customers, I am not sure whether it will also be possible to incorporate their wishes, since the US will be very careful about technology transfer on important components to make adjustments such as the software of the weapon operating system.
In terms of the aircraft, its specification and capabilities, although it will fit the requirements of the armed forces, I still think it will be dissappointing. For example, you say supersonic SVTOL aircraft, right, but most armed forces will just get the baseline CTOL version. Fly faster, supercruise is nice, but you'll see that the top speed will dissappoint in comparison with older fighters. Stealth, very nice, but you don't really need it on missions like Iraq or Afghanistan. SEAD is still important, even though you have stealth capabilities. External payload, nice, but there goes your stealth... so in theory it can carry a lot, but in practise it will only carry the few weapons that fit in the internal bay. So that will dissappoint as well.
And of course as an aviation enthusiasts, it is not the best-looking aircraft, and I think it even got uglier in the process of developing the production standard.
So yes it will be the best you can buy, but it will be expensive and won't be that great a thing.