As far as the public knows, that's still where we are.
Off the shelf technologies that the USN already uses.
SPY-6 EASR, SEWIP, Mk.41, Mk. 110, Aegis, CODLAG, a proven towed sonar from Thales. How is this ambitious? It's just a mini Burke, there is nothing next-generation that will need to be proved out. The power generation is probably the most "risky" thing.
That's why I'm saying that unless the concept of this frigate is bad, I don't see what would be gained from starting over.
Does the navy need to go for a super ambitious design? Doubtful.
Does the navy need to remove SPY-6, Aegis, Mk 41? I guess you could make that argument, but then you just have another LCS that is incapable of independent action. SPY-6, Aegis, and 32 VLS seems like the bare minimum now.