I don't mean that people willingly steal the money / promise impossible things but the very nature of Kickstarter pushes you to do that. Think about an election, what's the biggest problem of politicians nowadays and why people are very angry at them ? Answer: broken promises. Because you need to attract votes you will need to make strong, nearly impossible claims in order to be seen, no matter if they are truthful or not. That's one of the weakness of a democratic election. If you transpose that to Kickstarter people have to "editorialize" their propositions and product features because they need to be seen. A funding pledge is like a vote and will very likely create the same dynamic as in an democratic elective system.
I don't buy the Kickstarter Kool Aid from a consumer point of view, because I think there is a lot of deceptions ahead and it has a "mob-like" mentality that typically develops around websites like Reddit or Hacker News (and you can see here just how strong kickstarter resonates in minds with a post every other day). From a developer point of view that's way better because you can fund your projects on (almost) thin air, however I can foresee that honest developers that will try to follow their claims will have a hard time completing their projects.
The benefit of funding via VC or other non-democratic mean is you have HARD deadlines, business plans, your money is on the table, it's not just an idea thrown in the air which you hope the wind will catch. I strongly believe that product innovation and creation will remain an aristocratic process.
I would be delighted if somebody can prove me wrong!