Full Custom huh.

Reading some on the different ASIC types here:
http://electronics.stackexchange.com/questions/7042/how-much-does-it-cost-to-have-a-custom-asic-made

They say that the pros of a Full Custom ASIC are the same as with a standard-cell ASIC, but more so.  A Full Custom can deliver even better performance, smaller die size, reduced power consumption, [presumably] lower cost per unit to manufacture, etc.

The cons are also the same as a standard-cell ASIC, but more so.  Design cost and effort required is even higher, and "Odds of screwing something up is much higher".

If BFL is indeed going for a Full Custom design before anyone has even done a [simpler] standard-cell design, I would call this a "shoot the moon" approach.

http://en.wikipedia.org/wiki/Hearts#Shooting_the_moon