It is a great deal for Giga, that's for sure. Buy hashes at $.60/MH (mini-rig and GPU) and sell bonds against it at $1.00-1.50/MH. Makes for one hell of a profit margin. Easy to finance expansion this way as well.
It is a great deal for the buyers too. Because all mining bonds, including Giga's, still have a better return rate than most of the mining stocks. Of course, the shareholders of mining stocks "own" the hardware, but as far as I know only Inaba's BFLS allow the shareholders to trade the shares for the actual hardware, in other companies the concept of "ownership" makes sense only when bankrupting and liquidation.
And consider the difference between liquidation of mining companies and calling back of mining bonds, you couldn't easily conclude that selling used hardware will always result in more Bitcoins than calling back at 105%-120% of the market price. Indeed, the rise of Bitcoin price will make the market price of mining bonds against BTC lower, but it will also make the BTC price of selling old hardware lower. Hardware improvement (GPU -> FPGA -> ASIC) will drive the difficulty up, lowering the yield and the price of mining bonds, but it will also make old hardware more useless, harder to sell, and cheaper.
