1) Am I likely to get at least my money back?
I doubt it, maybe in a couple years 
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2) Are there realistic options in Alt currencies that the GPU could be useful for vs ASIC - can ASIC at this point or in the near future be used in Alt?
Litecoin and Feathercoin seem promising at this pointQuote
3) Are there any realistic ASIC options at this point, all the sellers seem rather dodgy to me?
I'd avoid ASIC's at this point, seems really hard to be successfulQuote
4) What other angles could I look at other than actually buying Bitcoin of course?
Buying Altcoins? I think that's about it.