Firstly, the developers are still working with their respective companies like Crytek or Microsoft when they are making the game. And they are only working on this project in their free time for the next 2 years. So, my problem with this is, game developers have notoriously long working hours like 60 to 80 hours a week to the point the developer's wives used to have "clubs" to persuade their husbands to come home each day. Then, after a long week of work, the devs have to work on Project Phoenix after their full time work which I dont think they could cope with the development of another game in their free time. Do you even want to have a second job like Project Phoenix that you work on your free time after your daily work and you wont be getting salary for the next 2 years? Not to forget that all the developers are scattered all around the world which made communications difficult due to different time zone. They arent building a 6 hours RPG but they are building a 50 hours RPG which is absurd with that little money.
Second problem is the goal is way too little, IMO, as 100k is claimed to be used for the 3D models outsourcing. I cant really judge what are they gonna use the money for, but it felt like they deliberately set the goal low to get the game funded quickly as the stretch goals until 1.6 million was announced since day 1. It just felt something's wrong to me, from my experience backing other projects. Most projects do not reveal their stretch goals on day 1, at least the ones i pledged. I pledged a similar project called Void Destroyer that only asking for 30k to do 3D models and a bit of sound asset which is only for a handful of space ships in space. 100k for a 50 hours JRPG is really too little IMO, considering that space game doesnt need any sort of environment done for it.
Lastly, the way they provide updates isnt interesting or hype the backers as they felt like they havent prepared much for the campaign while kept avoiding some simple questions like how gameplay works to how is the story asked by the backers. I am not expecting them to reveal everything though, the problem here is, they dont put confidence among the backers. Not to forget, there are still no lead programmer on the project so how are you going to do the project when you dont have a lead programmer.
Also, the guy who is currently the lead designer for the project, there are rumors saying that he was credited as a QA tester for LA Noire only. I am not doubting on the Japanese but the western developers on the team are very suspicious, IMO.
I backed the project on day 1 but pulled out after a week of underwhelming updates.
Mighty No 9 looks promising on the other hand. They seemed to know how to run the campaign well.