[video=youtube;QKj-gX7Q2X8]http://www.youtube.com/watch?v=QKj-gX7Q2X8[/video]
Russia's Sukhoi corp developed the T-50 with partnership from India. Being a 5th gen fighter, it's a direct competitor to the F-22 Raptor, but it costs a lot less, has double the Raptor's range and shares many cutting edge features, such as stealth and thrust vectoring. It'll enter full service/production in 2015.
They partnered with India because they needed money and India helped fund this project, as well as provide a bit of help with the R&D. India gets a custom 2 seater design out of the deal, and they have a contract to buy 200 of them. South Korea is considering buying it to replace their fighter fleet. The Chinese are pigs when it comes to respecting tech, so they probably won't be getting these before they are considered old. xP (lol @ the Chinese J-20 piece of junk)
IMO, it also looks hot as well. :D Reminds me of those fancy Macross designs. @_@