Snipped your post to avoid this one being too long (and far too lazy t o quote specific parts).  A few points:

1.  When I talked about comparing to other minign companies that's what I meant.  Mining companies - not ASIC manufacturers who don't mine OR have shares on the market.  You were trying to value ASICMINER as though it were just a mining company - hence I was comparing to those.

2.  Pretty sure (as in certain) friedcat said the yield was around 95%.  I agree there's no info on subsequent failure rate - but unless it's ridiculously high there's little meaning to it yet.

3.  I agree there's been no bills presented yet.  But then I've never seen bills for expenses charged to other companies - e.g. where's the invoice for S.DICE's consultancy this month?  Or S.MPOE's payment for PR?  Whether they were paid in BTC, USD or WOW gold has no real bearing on what quality of accounting is required - as with ASICMINER there's no proof either of those items were ever charged for or paid.  As a (small) shareholder in ASICMINER I'd far rather time was spent getting the rest of the gear mining than preparing accounts right now - though I DO definitely expect them to be prepared in the not too distant future.

4.  Not so convinced about Avalon's under-promise and over-deliver.  Their ordering was barely delivered at all and their claims of "we've shipped" actually meant "we've sent out a few prototype units and the rest will go in a month's time".  They're certainly saints compared to BFL - but, as you pointed out, using BFL as a comparison for ANYONE is setting the bar rather low.

5.  I do agree that the ASIC saga likely has some big twists to come - I don't have much resting on it whichever way it turns out : I'm ahead on ASICMINER now even if they openly defaulted right this instant (i.e. I've already profitted - for my fund - by more than our total remaining exposure to them).  And, of course, I always have very low exposure to all BTC mining 'companies' - there's NO purely mining 'company' I ever hold for longer than it takes to flip it for a quick profit.

6.  The "sweeping problems under the carpet" is likely largely a cultural issue more than anything.  When I lived/worked in that area of the world two massive differences in culture within business were apparent: 

a.  (Very relevant) People would rather bang their heads repeatedly against a brick wall than ask someone with the relevant tools to demolish it.  Admitting to a problem was seen as somehow losing face/demeaning - hence problems remained concealed as long as possible.  i.e. often until the chance to easily remedy them had passed.
b.  (Totally irrelevant) Noone would argue/disagree with their (work) superior in a group setting.  When I did it regularly, other (local) workers spoke to my manager privately about it - concerned that I was showing him disrespect.  He, of course, just laughed and explained that one of the main reasons i was there was BECAUSE I was willing to argue/disagree with him and that when I did so there was nearly always an issue that was better resolved than left unaddressed.

Never underestimate cultural differences when looking for an explanation for behaviour.