I-153: cheap or not?

[Ancient Seraph]

Turn Radius = (Velocity*Velocity)/(11.26 *Tan (bank Angle)) , velocity in Knots, answer in feet.

Rate of Turn = (1092.95*Tan(bank angle))/ Velocity , velocity in Knots, answer in degrees/second

Now the bank angle you can achieve while maintaining a certain speed and altitude does depend on lift, but the turn radius and rate of turn are not directly influenced by lift. You're talking about the horizontal component of lift in a turn, which is a part of the force turning the plane. This depends on the bank angle. A higher lift component means that you can maintain a higher bank angle, and thus get a lower TR and higher ROT.
Still, the main reason the I-153 turns so tightly it can maintain a high bank angle at a low speed, with help of the added lift.
So in conclusion, the general rule to aviation forces is: everything affects everything. In this case TR and ROT are so small/big due to the low airspeed, which is made possible by the increased lift.
I advise everyone who doesn't have a Master's degree in Aerodynamics to not get too involved in the turning fysics of BoP. All of the above can be applied to a non-accelerated turn. If there's any acceleration, in any direction, involved, it gets a lot more complicated, especially with the G-forces involved.

P.S. @ Haitch: Sorry, but you're wrong . The elevators are mainly to get into a turn/climb/etc, but are not the driving force behind it. The F1 car wings are, like the name says, more like wings. Again, it's tricky to get into the fysics of elevators, mainly because they're there to make accelerations, which are hard to work with.