There's some evidence of what is really going on here from the ecointalk forum. They're "working" on 14nm, which basically confirms that we are exactly in the position of 55nm BFL customers waiting for delivery via a Ponzi on Monarch orders. Expect the compensation to only happen after preorders for the next project to open up.
If they intend to fund a 14nm (is that even available yet?) chip they are going to struggle considering their track record. They would have to produce AMAZING compensation to show the world that they won't get screwed if they preorder with Black Arrow.
The only reason BFL was able to get initial Monarch preorders was that the 55nm miners were so late, and shipping was so slow that folks felt they wouldn't get their money back by the time they got their miner, so they went to the front of the line on the now "very late" Monarchs. They didn't foresee the sudden rise in Bitcoin value that at least allowed the 55nm line to make back the Fiat people spent rather than the Bitcoins. Those people must feel completely depressed about how much they've lost out trusting them twice.
And like Black Arrow, they forecast completely unrealistic release dates to gather as many preorders as possible.
