(2^50)/(115840*10^6) = 9719.43 seconds, or about 2-3 hours to break one correct horse style password. I think the point is that 50 bits of entropy is not enough when you consider the speed of GPU hashing.
Obviously you shouldn't use MD5 for hashing passwords, but since you often have no control over what algo a site uses (or even information about which one they did pick), assuming they will do something common and bad like unsalted MD5 isn't a bad starting point for this kind of analysis.