You can't "pull out" of a Kickstarter for a loss; it's not an investor relationship. Sure, you can decide to pay them, then decide not to pay them (but only if the project is ongoing), but once the Kickstarter ends, it's done: you've paid them, they get your money, and you have to trust them to deliver the goods.
... You can't put in $100, then decide later you don't want to do it and only get back $20. Kickstarter is the check and balance system that the dot.com era needed to prevent a bursting bubble.
While you and I might not see this as an investment, I suspect many people will. Yes, they may not be investing in a piece of the company, however, they are expecting to get something back for their money. (Is it possible to offer a portion of future profits through Kickstarter as a reward?) Kickstarter is a great idea, but I don't have faith that the general public will see it for what it really is, a good faith gamble that your project will come to fruition. How long before the media starts hyping it up and it gets perceived as the next big investment wave? How long before lawyers get involved and starting suing to get that $100 back when the promise isn't delivered? How long before the spammers/scammers/incompetents start loading it up with bogus projects? I may well be wrong, and truly I hope that I am, but I have to side with the overall point of the article and state that I believe this will be a short-lived fad.