Yes- the ASIC chip is fundamental difference between ASIC mining hardware and every other type of mining hardware. These are custom chips designed specifically for bitcoin mining and aren't available anywhere else. The rest of the stuff (circuit boards, controllers, etc.) are just common parts available to everyone. (or parts that can be designed and manufactured relatively easily for a low cost, e.g. printed circuit boards)
Thanks for the well written response... so after searching some of the terms you mention and other searches regarding manufacturing ASICs... I am better informed of what you said about the chip being the hinge point.
To me it would have been a better approach for someone like BFL and Avalon to work together on making the CHIP and then create products around that chip. I'm sure there are some differences in the firmware and hardware that would differentiate the various makers of BitCoin mining ASICs who would then pay a per unit price for use of the chip that incorporates the design costs etc.
I worry that after all these ASICs come out that they didn't get it 'right' and they don't perform like they should and have to go back to the drawing board incurring more costs the companies can't swallow. *ahem* BFL
