From their FAQ, emphasis mine:
You shouldn’t get one if…
You need a perfectly polished smartwatch. This project is a labour of love rather than a startup trying to sell millions of watches. There may be some rough edges (literally). Things will get delayed. Some features will not be ready at launch. Things could break. Things could not last as long as you’d like. The only thing we can guarantee is that it will be awesome and a lot of fun! Every time you look down at your watch, you will smile
So yeah, I’d say your take is pretty accurate. At least they’re honest lol
My concern isn’t that things will get delayed, it’s that I’ll give them my money and get nothing in return
That’s. Uh… the entire idea of a kickstarter.
It may crash and burn. Don’t want that, don’t back anything on kickstarter.
Honestly that is something I’ve always been ok with on Kickstarter. But it’s 50% scams now of people who never intended to deliver anything in the first place and Kickstarter is taking a lot of steps to protect the scammers in this. The only reason I ever back anything on there anymore is because of campaigns by companies I trust will at least try. I trust Pebble will try, so I personally am very tempted.