I'm well aware of transaction fees; their potential simply does not justify ASICMiner's P/E of 100, especially as their first mover advantage is about to come under fire. The magnitude of the hype around this company is unreal.
Lets just call it the arse equation
(Well unless the price of bitcoin really collapsed then we have other things to worry about)
(Inverse is proportional to an exchange conversation due to limitations in the bitcoin total only so many bitcoins existing means valuations can increase but in BTC per unit lowers at large enough scales)