A clearer look at the KF-X project:
-Performance better than the existing KF-16 (F-16C/Ds Block 52)
-Electronics suite on-par with the F-35
-South Korea will be head of the project, Indonesia will fund 20% of the project, it seems that most speculators are saying it is highly likely that Turkey will make an official statement next year to join the KF-X project (and are expected to contribute 20% as well)
-A 7 year development phase with a first flight for 2016
-Usual requirements of fly-by-wire flight controls and inside the cockpit hands-on-throttle-and-stick pilot controls, a helmet-mounted display and a night vision imaging system
-'Next gen' surveillance equipment
-AESA Radar (probably American) with Korean targeting system
-Confidence that the hardware could be built in Korea but will most likely look for technical assistance for the development of software for the aircraft
-Foreign engine (EJ200 or F414)
-Weapons will be completely Korean with a short range air to air missile based on the South Korean Shin-Gung MANPAD
-Estimated cost of $5 billion for the project
And the most interesting bit:
For the KF-X to enter service after 2020, some level of low-observable or stealth capability must be factored into the design. DAPA officials said the aircraft would be initially fielded with a "basic" stealth capability, but did not define what that meant.
However, there are some clues: South Korean officials have publicly stated that shaping an airframe to achieve a reduced radar cross section is no longer a secret, and can be found in publicly available textbooks. More difficult is finding out the secret formulas used in radar absorbing materials, and Western data is not likely to be transferred to the country.