For just the 55nm chips, I'm spitballing numbers that look something like, $500 a wafer, 200 chips a wafer, 2gh a chip, 10c a chip for balling and packaging. So about a buck thirty a gigahash in chips, say a buck 50 with NRE amortized over a crap load. Probably $2 a Gh our cost by the time they are on boards...

If the numbers come close to that ballpark, it's making sense.