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Let me just start by saying I backed the project, but there are a lot of red flags here and I don't fully understand what they are thinking here:
1. The fact there is a subscription at all. Look at a list of upcoming MMOs and you'll see more and more moving to buy to play and F2P model. You don't need a sub to maintain your game. Subs do not increase player retention either, in fact I'm less likely to casually log on because it's difficult to justify paying for a sub if I'm only playing the game for a couple hours a week.
2. On top of the sub there will be a cash shop. Even if it's not pay to win it leads a bit to the whole double dipping argument.
3. Beta requiring subscription time which is flat out ridiculous. Even if your beta is closer to release I see no reason for doing this.
4. Beta being gated by number of players can join, so mechanical advantages gained from beta due to lack of character wipe will be even greater than those that didn't get in the first round beta or worse starting at release.
5. Kickstarter rewards offering mechanical advantages (especially the new addons posted) even if they are minor to give people who funded the Kickstarter even more of an in game advantage at the start. Keep in mind this is a sub based game, not pay to win.
6. Kickstarter page initially lacking information on the game which required you to dig through pages of pages of blog posts to get a sense of features in game. This has since been remedied, but I feel it may have been too late.
7. The fact that they already raised $300k from another kickstarter for their "technology" demo.
8. The fact they have investors and probably don't need to be using Kickstarter. They basically have publishers/investors (Paizo) so why are they asking for crowdsource funding? The idea behind it is that you don't need to be controlled by outside sources such as investors and publishers for your project.
9. Daily deals benefiting early backers the most means the Kickstarter likely won't gain the massive momentum that projects tend to get the last few days of Kickstarter (traditionally about 20-25% of your funding comes these last few days). The whole concept of daily deals is a bit lame to be honest and I consider this more a failure experiment personally then a success. Those items should be given as a bonus to all backers, but now it's simply too late to go back on that.
10. The release and beta being so far away. I think they would have benfitted from spending more time on development (which they clearly have funding for) before starting the Kickstarter. Funding something we won't see tangible rewards for in almost 3 years time is a bit too much of a wait.
Keep in mind despite all this the game looks fantastic and I'd hate to tell people who might be interested in backing to not back it, but these things need to be noted and it's not exactly an attractive deal to MMO players even if the game is promising several outstanding features that should pull the genre forward.
Again, I'd hate to see the Kickstarter fail. I backed it, but it might be for the best. It might send a message about things like sub fees, paid betas, cash shops, and pay to win (however minor the advantages). At the moment it looks like it's going to come up short (by at least $100k, probably signficantly more) so we'll have to see their reaction when it does. I guess at this point it could still possibly succeed, but it's highly unlikely.