If they don't meet the goal, they don't get any money from people who have already pledged. So it's very significant.
I'm a backer, and I'd argue the brilliance of this is two-fold: Dalton gets to spend a month to see if there is enough demand to build this out for an initial community (instead of 8 months finding out the hard way), and us as backers will only be charged if there is a critical mass of interesting folks to launch the community.
Neither of these are about the financial significance of $500,000 or $200,000 for that matter.