Yeah, you have to be careful. I've only pledged to Elite, but only after I saw some progress. At first they had nothing to show us and the campaign had a very slow start as a result. It's a game I've been waiting for for over 15 years, so had to make the pledge.
Just recently, the Wildman kickstarter took a very strange twist as they paid off a bunch of their staff, then pretty much begged the community to keep pledging to fund the project so that they could re-hire them all! I mean, WOW! It's crazy.
I wonder also, what's to stop developers selling their public funded game engine to publishers? They could make alot of money that way, all at our expense. Sure they did the work, but it was funded by people who now have no say in the ownership of the product. I think if any dev were to do that though, they'd be on the recieving end of a backlash and could never count on public funding again. Even so...