Well to put my cards on the table right off:
1: I am heavily invested in GAW miners Hashlets
2: I have been banned from hashtalk (for pointing out that one of their largest customers was engaging in what I believe to an illeagal acitvity on their site)

I think Garza has some very good and innovative ideas about moving crypto to the mainstream. He is young and makes some rookie blunders. His ego and temper are both a bit larger than average.
I have to admire his marketing genius. Say what you want, but he has changed the rules on his customers and instead of complaining they (by and large) are thanking him for the opportunity.
Now THAT is marketing.
I have yet to see any evidence of any securities violations, and I have spent nearly my entire career in the investment industry.
In my opinion hashlets and the new paycoin have a somewhat better than 50/50 chance of actually working.
I believe it largely depends on enough advertising and media coverage to get non-early adopters and non-technically minded people interested enough to give it a try.
In six months all of the haranguing and teeth gnashing will be moot.

Just my 2 Satoshis.