If this were the case ASICMiner would be selling USB Block Eruptors at a loss for BTC0.1.

friedcat has stated that "final margin cost for 1TH/s is less than 10k$":

https://bitcointalk.org/index.php?topic=99497.msg2013118#msg2013118

The point is that Vycid's $1.50/GH estimate is a minimum price, so using this in his calculations is only in favor of ASICMiner.

To me it's very hard to imagine that the cost per GH is less than $1.50. At this price we're talking $15 for a blade:

http://i.imgur.com/Lqepfe3.jpg

Now I'm no expert on the cost of electronics manufacturing, but I'm fairly sure you can't build a board like that including mining chips, PCB, other components, heatsink and labor costs for less than $15.