It would be a facts and circumstances question. This is the type of thing that gets argued about and litigated all the time (is the quality of a product sufficient to meet warranties, including implied warranties, etc.).
Again, as I mentioned earlier as well, you are correct that in the end, a lot of it comes down to a question of what your actual remedy is going to be, and being realistic. Don't Kickstart money you can't afford to lose, I agree.
I was just making the point, because it bugs me when people just blithely assert that you can run a Kickstarter, take in a bunch of money, and deliver nothing and have there be no possible legal recourse. People state it like it's a legal certainty (I often see something stupid, like "Kickstarter is a donation"), when it isn't.