Oogee; I hear ya. Keep in mind that there's 2 elements to the monetization of this technology.
First is the breakthrough and secondly the adoption by industry. Two very distinct and challenging paths to full monetization. The reason behind the valuation for the breakthrough alone is the value of the IP when the MS3 occurs. In fact I'm being conservative in putting out those numbers.
The 'disappointment' for me would be if we end up with a situation where we get MS4 and not MS3. In this scenario, we'll certainly get a higher SP, but not nearly the potential of MS3.