I am assuming that BFL does not have anything too special due to the price they are selling it at and the fact that most of the people interested in this are bitcoin miners.
On the contrary, the price (and performance) strongly suggests they do have something "special". Either they had some brilliant idea to make off the shelve FPGAs vastly more efficient, in which case,
someone else is going to be able to do that too, or they have a custom chip. Custom chip means very low per unit cost compared to FPGAs, but a fairly high fixed cost. That means you want to sell truckloads. In either scenario you want to sell as many as can as soon as you can, and not wait 12 months hoping to still be king of the hill so you can just break even.
If there was a side market for this like gaming for the GPUs then sure.
Their website suggests there are other applications for their product. Code breaking would be one obvious candidate, but they mention medical imaging, finger print processing and I read somewhere monte carlo simulations too. If true, that suggests their chip is more general purpose than SHA hashing alone, but we will shall see how that pans out.
At current mining conditions it would take them about 7 months to break even assuming their cost is $450. After that its pure profit. Yes, Conditions will change but...
Its actually 9 months at that cost, only to break even on per unit cost, ignoring R&D, overhead etc costs, the need for a large and secure datacenter, electricity etc etc.
But thats not even the real comparison, its how long it takes (and at what risk) to be more profitable than selling. Even assuming your BOM estimate, and the $599 list price, its still > 12 months before they would make more money mining than by selling the hardware. And at a
huge risk. It could easily be 24 months or never. No sane investor would accept that risk when there is such an easy and almost risk free way to get a nice positive ROI way sooner.
Moreover, there is no reason to assume development will stop after the single board and that will be the best and only ever product in the market for 12 months. Even if BFL themselves have no plans for something better in 12 months, there are other companies claiming to work on full custom asics to be launched in 2012. If thats true, BFL had better made back its investment with a nice profit before that hits the market, as it would crush the single board and make it unsellable for btc mining.
This is the risk you want to offload to miners that invest in these devices. Its the reason I am not going to buy a BFL single board even if they achieve all their promises. IN 6 months its entirely possible it will prove a cost I can never recover. And at best in 12 months Im only just breaking even. If Im not willing to risk $600 on that, its hard to see how a company and its investors would be willing to gamble their existence on it.