One of the main things I regularly look for when backing a project is clarity in what the project is. When you enter a contract, it is a good idea for both parties to know the terms for what each side wants.
I don't need a game to be 80% done when it launches on Kickstarter. I'm often fine with seeing screenshot mockups because a good mockup shows the effort, thoughts and direction of the game designer have already taken some ordered form.
Project Eternity from Obsidian has been doing a good job with their project updates giving more specifics after also being vague at their launch. I expect this campaign to start filling in some information gaps that way too.
I'll be quoting this project's main page for what clarified some things a bit for me.
"Pen & Paper RPG ($60 Reward Tier): Gather around a table and enjoy playing Old School RPG the seriously, really old school way."
If there is a pen&paper version an assumption is that the video game's mechanics will play like a standard one with maybe a twist or two. That makes sense considering the experience the project creators has with pen&paper RPGs. If it is some innovative new system that works well both in video games and pen&paper (probably not) then it might still be an interesting development.
"You gain exclusive access to our forums where Tom and Brenda will chronicle every phase of the game�s development and invite your feedback into the game�s design. You vote on design decisions when the team needs your input."
It seems they want the backers to help define what the game, somewhat like Double Fine's backer feedback approach. One thing I liked better about Double Fine's project was that the point was raised that if things did go horribly wrong it would likely still be entertaining enough to be worth backing.
It is hard to critique the $1million goal when the scope of the game isn't said, but that amount should be enough to make a game with production values higher than many indie games but not enough to expect an AAA production.
"We have never taken VC or angel funding and have resisted two buyout offers so we could stay this way."
They did say they haven't sought help from venture capitalists so they had to pay the bills somehow even if that means making... Pettington Park (It is on their blog). The reason that Loot Drop may have chosen Kickstarter is that while casual games pay the bills they don't fully satisfy the needs of staff that would rather be making a hardcore RPG they can have pride in.
As GenkiGenga said, the developers could suddenly announce this game is text-based. I still backed it because of the creator's backstories, but I feel more uneasy about this campaign than I often do. I've seen many campaigns and from my perspective it was not done up to par with other high profile projects. Some things don't seem to be fully thought out, such as what if most backers want one game with both designers' full efforts rather than the two games stretch goal splitting the designers' efforts apart. I prefer to think it was just rushed rather than an attempt to scam backers.
On a tangent, Kickstarter posts have been appearing frequently enough here that it might be more organized to have one main Kickstarter news/launches thread in Open Topic. The large Kickstarter threads on the Good Old Games forum (thread has 104 pages and growing) and NeoGAF are good examples.