Hardly small or cheap though, and was originally planned with the an Aegis-derived combat system that you think is too expensive.
Of course this implies that a petro-state and absolutist monarchy like Saudi Arabia is actually capable of making wise military procurement decisions.
Right, but LCS is not really a frigate and I don't think it should be compared to the frigates of other countries (or to anything like the Constellations). I don't view them as an alternative or replacement for General-Purpose frigates, I don't think they are capable enough to perform that role. They're great minesweeper replacements though, and I suppose they could act as competent combined Towed-Array tugs and platforms for ASW Helicopters when performing ASW for a fleet. Provided they're covered by DDGs to protect them from submarine-launched Anti-Ship Missiles though.
Said program was mostly a costly mistake, almost without without any form of redemption until a useful niche could be found for it, pushed into production by an overly technologically-optimistic Secretary of Defense and Admiral working in concert. Of course the original Streetfighter concept was unworkable, which is why LCS swelled form a displacement around 1000-tons to 3500-tons, I to something that wasn't just an overgrown FAC.