I understand your cynicism. I've learned to be pretty skeptical with Kickstarters, too. I think it's a great platform for Indies, but it does bother me when I see AAA studios doing it, heh.
All said, we waited until we had a playable game before launching our Kickstarters. Instead of a promised product within a year or two, we're hoping to have a public "live" game out this summer. After bullshit taxes and fees, almost all of the money we raise is going directly into art and models.