GPU has average MH/watt and good MH/$. FPGA has good MH/watt but bad MH/$. This is an attempt to improve the MH/$ by making the hardware cheaper.
They've succeeded making the MH/$ better but still not as good as GPU. Currently GPU mining is break-even due to power cost and FPGA mining is profitable. It will take a while to pay off the $50/175MH hardware but it will eventually happen unless mining profitability falls lower.
It is an interesting hobby project if you want to try it.