I saw this thread and thought to myself, I haven't heard the name gridseed in a long time. I should probably pop in there and mention that ordering these from the company was the single worst Bitcoin hardware purchase of all time for me. The manufacturer lied to me about the product claiming it was new and more efficient, etc... Then overcharged the hell out of me and sent me a bunch of gridseeds instead of their new miner. All in all, for me gridseeds were weeks of heartache and stress, a pain in the ass to eventually offload onto someone else, and when it was said and done I think I lost more than 5 BTC and mined basically nothing. These things should be wiped from existence.
I agree with you that Gridseed 5 chip is not really suitable for bitcoin or sha256 altcoin mining. Dual chip is not true, it is mainly a scrypt ASIC USB device.
But for new kind of scrypt coins Nengcoin (NENG) tailored to home smaller miners and solo miners and has restriction on big ASIC rigs, I am pretty happy with gridseed 5 chip device so far. This is great beginning or low cost device for new miners to start for learning, and possibly making some money on Nengcoin (NENG). The electricity cost running gridseed 5 chip on scrypt only is so cheap, well suited for high cost regions in north america or europe.