Ed, I get your skepticism, this is our second Kickstarter launch and we certainly learned a lot from our first time, successfully delivering Astro. Pico is in late stages of development (you can read an actual review: (http://www.tuaw.com/2014/12/09/pico-use-your-iphone-to-program-dslr-time...)
One of the best things about kickstarter is that it allows you to fine-tune your product to better meet your customer's needs, instead of developing in a vacuum and hoping that someone will like it exactly as you envisioned.
There are many other advantages of kickstarter for both backers and creators and I think they outweigh the disadvantages. Specially now that creators are figuring out how to do it properly. Don't loose faith on kickstarter, great things are born there :)
Carlos from the Pico team.