addendum: The above is based on a current market evaluation of AM at 10% of mining revenue, giving AM a valuation of 800,000 btc. That makes the current AM shares rather cheap... I recommend loading up on them up to a point which you're comfortable with... (based on the ratio above)
I still have faith in Friedcat, but I do not see how it is possible to mine/sell/franchise an average of 10% of the network starting in 2.5 months using 40nm tech. My valuation of AM has always been based on this goal, and while I will never bet against Friedcat, it seems difficult to produce that much HW at this point.
The competition leap frogged ahead using high cost hardware solutions. That gap should be closed with gen3 putting AM at least on par with for 2014. Of course it all depends on the competitiveness of gen3. which needs to be at least within a factor 2-4x efficiency and cost wise.