Indeed. If the reported cost of $25,000 includes all the Reported Core Cards, and one takes even $5k off for the Case, then the maths are not pretty.
Yet, if that logic holds, somewhere around $20K for an upgrade, who is going to bother to do it - and then from M's perspective, why bother to offer it? If it is either cheaper, or a wash, to sell one's current 861v4 and then buy a new 861v6, offering an upgrade makes no sense.
In that context, perhaps there is some kind of 'insider' upgrade price, or some credit back for older boards. I just don't see asking north of $8K or so with any kind of realistic expectation that many folks are going to do it. Pure conjecture on my part (not speculation, this is a speculation-free thread, after all), so we'll see what develops.
Also, I wonder if M will continue to make versions of the v4 boards (IA45, ID20, etc.).
Lastly, I guess Frank's report puts to bed any chance of M making a Bluray player anytime soon.