Sure, if you assume (as you do) that Folding won't save many lives in the long run, it looks like a bad use of resources if you're purely concerned about charity. But that assumption could be applied to any research that doesn't pay off immediately or with certainty. The LHC uses 180 MW (http://lhc-machine-outreach.web.cern.ch/lhc-machine-outreach/faq/lhc-energy-consumption.htm) for example, or 12x as much as much as your numbers for F@H, and is arguably even less practical, despite no doubt producing many more papers.
So, you're resorting to the same teapot argument I specifically addressed in the essay. No wonder this conversation is so frustrating for me - it looks to me like you didn't read it, or skimmed it at best.
Latest in an irregular series, some of whose previous entries were Edge.org and the Girl Scouts...
I examine the Folding@home distributed computing project with reference to the costs (electricity resulting in air pollution causing deaths) and benefits (some papers): http://www.gwern.net/Charity is not about helping. Additional data on either side of the cost-benefit is welcome.
(I also recently split out my essay describing things I have changed my mind on.)