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Though still under development, it has been described as a super stealthy subsonic medium-range and medium-payload bomber. With Aerial Refueling, it will have global strike capability.
After being certified to do so, the Bomber will be capable of flying missions with nuclear armament. With an expected unit cost of $550 million, it will be much cheaper than the current B-2 Spirit.
There is some speculation that the US Air Force will spend less money on the F-35 in future and more on the Next Generation Bomber program, because, unlike the F-35, the B-3 Bomber will be a long-range platform with the potential to strike targets as far away as China.