@Lab_Rat has offered to pay me to answer questions... There goes my credibility.

(For the record, I've risked around $5k (dollars) with LRM. Not a lot, but not an insignificant amount, either.)
I've watched him work the BFL forums since October last year, answering questions and helping out. I've also talked directly to him for quite a bit in the last month or two, both before and after he started working on this mining project.
From what I can see, he is sincere in what he is doing, and is taking pains to do it correctly and transparently. I will see if I can get some more information to post to answer some more questions.
From my point of view, the company is legitimate, and there is a good chance that I will profit from what I have invested. That said: Yes, there is risk. No one is forcing anyone to invest, though.
grnbrg.