Well yeah, if the person doesn't deliver, you've helped fund them, but get nothing back. That's why kickstarter projects aren't supposed to supply actual value for the pledge. A lot of the latest one offer the product as a bonus, but don't tell you that you won't get the product if they fail.
But whenever they say my money will go towards a discount (or a charity) if the deal fails, I never go for it.
I'm not sure I've ever seen one succeed in that situation, actually.