Kickstarter is a very bad investment vehicle for the consumer, and a reasonably good tool for a developer.
I don't know about that. You need to be selective, but it's really not bad if you are. Like I put a few hundred into last year's Reaper Bones kickstarter and I am getting a very nice discount off the retail price of a crapton of miniatures. It sucks waiting a year for them but... when that delicious box of goodies arrives, the time spent waiting will be forgotten as I drown in hundreds of miniatures.
Another one I backed is a original deck of tarot cards made by a friend of mine. The kickstarter pretty much only covered the making of the decks. I'll be happy to own a signed limited edition copy of the deck and a framed print of one of the cards for 60 bucks.
Then again, value is really in the eye of the beholder. I've looked at some of them and have not been remotely tempted as they charge way too much for what you're getting. I basically see it as a time-deferred purchase and deal only with proposals put forward by those I trust.
I've never backed a video game either... would rather just get those games for a buck from a humble sale later.