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RE: INTRODUCING VIPER: Sound, video, and blogging platform using STEEM and IPFS
It certainly isn't 50% of the USD value of the total paid out. It is VERY skewed to favor SBD on payouts. We had to create our own sheet to get the real 50% payout.
This is because the system recognizes SBD as being worth $1... In the case that SBD is worth $1, then yes, you do get exactly 50/50 of whatever the post is valued at on the Steemit interface. But, when the SBD price is higher than $1, then the value of your earnings (should you sell/convert your SBD) will reflect this inflated price.