I've got no idea how effective this would be, but it would be an interesting experiment for an indie game dev.
It's obviously better value for an individual to buy an ASIC than a bunch of GPUS, but I think you could still earn a few coins if you've got thousands of gamers with spare GPU cycles.
The problem with ASICs is that, once they get under the profit curve, they have no other usage. I can very reliably expect a 7970 to be useful for a few years at least. An Avalon, if I manage to get it, may or may not pay for itself before difficulty makes it unprofitable to run. And then it's completely useless.
Lots of hypothesis and conjectures.
FPGAs yes, ASICs no.
They are just machines or iteratively calculating sha-256( sha-256( something ) ) and they are hard-wired to that.
For those who already have GPU miners they bought for BTC, that are now becoming obsolete to FPGA and ASIC miners, the pertinent comparison is how to get the best ROI on their GPU miner - continue with BTC, switch to LTC, or just shut it off.