The sales of these blades at about 1 BTC/GH/s means that AM's existing 50 TH/s hashrate can be valued at no more than 50,000 BTC...
You're not investing in hardware, it's not a PMB. You're investing in a bunch of people who can deliver.
Doesn't help that everybody and their grandma is launching their own ASIC line in the near future, then. BFL and Avalon have proven to be fuckups, but every time a new company comes to market (KNC, BitFury, HashFast, Cointerra), you're betting that company will
fail to take any market share. It's an unenviable position.
So the fuck what? There were 4 companies last year starting to develop asics. One failed completely, and two others still can't ship for shit a year later, regardless of taking in millions of dollars. By the time some other serious competitors actually do arise (if it happens), AM will be on 2nd or 3rd gen tech and have much more mature infrastructure (resellers, etc).