The JWT has been re-scheduled many times with the latest attempt scheduled for 2021. I'm sure that'll get pushed, yet again.
I still think that 2026 remains a reasonable estimate.
I think the reason these things keep getting built on Earth is because until now no one has dared to dream of putting that much mass in orbit for that cheap.
You can do this with optical fiber, a pixel at a time, for sufficiently slowly changing scenes. Each big mirror is then responsible for collecting enough photons so they can all interfere constructively and deliver a useful brightness level.
The output goes through a diffraction grating to get a spectrum for each pixel, so they need it pretty bright.
That was using radio waves, something that can be measured in each telescope, saved as data, and then combined in a computer. At optical wavelengths we cannot record the data as accurately/quickly and so must instead use extraordinarily precise mirrors and fiber optics to join the light from each telescope in real time. These links must be accurate in distance to within a wavelength.
If you launch cheaper satellites more often: - you get to iterate so you can make improvements at a much faster pace - there is less problems from a single failure - more scale effects
You can enter a virtuous cycle.
There are limits! It can be that it's hard to make a useful satellite once you go below some certain size. And reliability suffers if you try to skimp on good practices.
On many scientific satellites, the instruments are one off anyway and are complex, hard and hand built with astronomical costs, so it might not save so much even if the launch and the bus were a lot cheaper.
Microcomputers came about because, at some point, we could make small computers with just enough processing power that they could be useful.
Mainframes didn't really go anywhere - they are still doing heavy lifting in large corporations, and modern mainframes employ every trick we use to make x86's fast and then a couple that would make x86's prohibitively expensive.
The lifetime cost of the hubble is about 10 Billion and the development cost of the James webb telescope is approaching 10 Billion. James Webb will launch on an Ariane 5 rocket, which costs about 140 million per launch. This is about 1-2% of the development costs.