You'd need a lot of Singles refunds ( 8 ) to buy one 365Gh BF unit
You don't have to get them fully populated. You could just order a couple of boards AFAIK.
You're right.
https://megabigpower.com/shop/index.php?route=product/product&product_id=61 The system is modular and upgradeable from 25 GH/s to 400 GH/s. Buy a small kit now and upgrade later.
Bitfury: 25 GH/s for $1200
BFL: 25 GH/s for $1299
BFL takes two months or more to deliver, at 6+ times the power consumption.
The maths are only going to get uglier and uglier for BFL given the Monarch is a pipe dream and the competition like BitFury is shipping. KnC? HashFast? Oh my game over BFL... game over.