I don't see the big deal with this as other manufacturers are sure to move in if there's so much profit to be made there. Though is it possible to patent something like 'ASIC SHA-256 hashing' in general, so nobody else is even legally allowed to compete? That could be disastrous for Bitcoin as BFL could then have >51% at any time, and nobody would be legally allowed to challenge it by producing their own ASICs. I assume this isn't a potential problem though, or somebody would have mentioned it already?
The problem I see here is that the increase is so great and the mechanics of Bitcoin, there won't be too much profit motive to get into ASIC once the first products gets out, especially with the large cap-ex investment in development. I don't think we will see a competitor for this in plain words.