Opening trap wins in 7 moves!

amazing post! I think I saw this in one of josh waitzkins annotated games from when he was like 8... he was white unfortunately...
BUT, can someone tell me what im missing if white puts the rook right in front of that queen. (5. Rg1) looks like a decent turnout from my simple minded calculations.
If 5. Rg1 then 5. ... NxN+ forks the king and rook - if white takes with the queen, then 6. ... QxQ.

Isn't this a well known opening trap? White gets a pretty easy game by just ignoring the pawn on e5 and playing 4. Nc3, or other simple developing moves.
After 4. Nxe5 Qg5 what about 5. Bxe7? white is losing material in this line, but no more than other lines and this seems to get the most compensation. I doubt that black simply mauls white as happens in the other lines.
And since when is a rook and one pawn the material equivalent of a queen?