These guys are young and I'm not aware of any previous work they have accomplished. The expectations of their work and their obvious inexperience doesn't lead me to think they are going to totally solve the problem by the end of summer. That being said, they are -young and inexperienced- and I am always optimistic that those ingredients can lead to interesting and useful solutions.
I'm happy to sit back and see what happens at the end of the summer. Cut through the extraordinary expectations and just hope they can contribute to this space. They now have the funding to keep the dream alive even after the summer so I think all they need is to iterate one step closer to the solution, not solve it completely. If they show as much, I think it opens up the door for others to join their cause and collaborate towards something greater.
Kickstarter only told me that alot of people were interested in social media privacy. A few people on here noted a while back that the attention and money they did get may ultimately play a role in the failure of this project. IMO, that is a little bit of a reach, but it is also perfectly reasonable. Regardless, I don't think it matters if these guys win- people voted with their money that they think there is room in town for another breed of Facebook, ultimately it will come.
I will agree that it would be nice to see a little bit more public communication, but how can we know they aren't communicating at all? The media they have gotten has had to allow them a foot in the door with all kinds of experts in academia, open source, and the commercial world. I'm sure they are up to their eye-balls in collaborations.