Heh, I think you guys covered it well. I don't think the crowdfunding well is running dry but a lot of guys pitching things seem to be under the misapprehension that it is some kind of magic money button, where you can half-ass a pitch and it just comes pouring in. DoubleFine will probably be the only Kickstarter ever that can get away with "give us money and we'll do cool stuff!", because it was the first and because of the brand value of DoubleFine and Schafer. Fargo already showed a lot more and put in a lot of effort to push his Kickstarter on by tying in big names and dropping fairly substantive pieces of info (though often still vague). P:E had to one-up that, having big names from the start and focusing mostly on showing off real, substantive information, piling it on at a high pace, and appealing to arguably a larger crowd than WL2 (the Infinity Engine crowd).
I pledged because of the name Henkel but he is fooling himself if he thinks his name carries the clout of a Schafer or Avellone. Hell, even Fargo had to kind of "remind people" who he was and cleverly took the time to do so, using his industry contacts well. This all takes a lot of work, as well as the right moments, names and contacts, all of which Henkel seems to lack. Because of all that this seems to have dropped dead before it even started. Maybe if it had come out with actual screenshots, or better art, or even a mocked up video, then maybe, but even then it's hard to get one million, many Kickstarters that showed their game was real, like that action game with that Dutch heroic figure (forgot the name), still struggled to.
It's an interesting discussion for sure. Kickstarter fatigue is a real thing but the question is what it means to future projects. It certainly doesn't mean, in my mind, that a one-million dollar cRPG like this can't work. It means it has to be smart and high-effort about its approach, which this Thorvalla pitch sadly lacks. We'll see more exciting, better-constructed cRPGs pitches in the future though, if perhaps not any time too soon.