Am I incorrect in thinking that 5 GH/s is 5000 MH/s?
Yes
At $274 (assuming BFL ever gets their shit together) isn't that an excellent deal?
Yes, it is awesome deal. But BFL is constantly delaying delivery date, so their promises cannot be trusted. Nobody knows when this product will be shipping.
Also, new orders will be processed and shipped only after older orders. It can take additional months for your new order to be processed and shipped.
Also, it says it needs to be plugged into a host computer. What part of the host computer does it draw on?
It is plugged to USB, but needs to be additionally plugged into A/C power socket.