If I wanted to donate to charities, I'd do it myself. I don't want to, I believe there are better ways to use money - so I feel that money is kind of wasted.
More importantly, I felt good about paying $5 because I felt I was giving $5 to Louis CK to support a great effort and an awesome artist. The fact that he's keeping only 22% of it makes me feel like 78% of it was rejected. If so, I might as well have kept my $5.
Honestly, right now what I'm thinking is that I'll probably get the next version off BitTorrent. I'm not happy paying for a download with 80% of overhead, especially if that overhead is voluntary. Most of the $5 should end up in Louis' pocket, and if it doesn't, I don't feel like throwing it down the drain, I have better uses for my money.