Has the Kickstarter novelty worn off?

After reading this great piece on how a very promising Kickstarter project for a spiritual successor to the 1990's Road Rash series is failing to reach a fairly modest goal of $160,000 (by nearly $40,000 last time I checked), it got me thinking: is Kickstarter starting to lose it's appeal?

The article is written by Paul Fisch, one of the senior developers on the project, highlighting where they think they went wrong with employing Kickstarter to get funding for their game. While I agree with what he says about the key mistakes they made, I still wonder whether Kickstarter has become too saturated with very similar projects which lack any real appeal in the spirit of how I believe Kickstarter was intended. This is purely my opinion and anecdotal of what I've observed (especially as I stick to looking in the same category of project) but I can't but feel the place in now littered with Arduino-compatible boards, 3D printers and RPG games.

The article mentioned above pointed to one reason why Kickstarter is possibly getting a bad reputation for hosting ideas which I think is probably what got me thinking along these lines:

"Two days before the Road Redemption Kickstarter launched, the Ouya, Kickstarter’s biggest success story, received a 3.5/10 review score from Gizmodo. 

For their pledges, backers received Ouya systems with laggy controls, buttons that get stuck under the gamepad faceplate, and a miniscule selection of games. 

Earlier, the Shadowrun Kickstarter revealed that, despite what they had promised, the game’s DLC actually would have DRM copy protection. 

In October, Rick Dakan announced that their project Haunts: The Manse Macabre, which had raised $28,000, was indefinitely postponed because their only programmer was never actually committed to the project.  This was a detail that the project creator failed to mention during the Kickstarter campaign itself.

Surely there have been Kickstarter successes, the Oculus Rift and FTL being two notable ones, but the failures have taken their toll."

Yes there are lots of projects that get funded which is great, showing there is a market for these people's ideas and products. But you only need to look at the 'Ending soon' section to see quite a few projects failing, and I don't mean by the odd few dollars, I mean barely reaching the double figure mark of the total percentage backed. This could also be Kickstarter working at it's best, the great ideas get funded and bad ones don't. But will too many bad ideas stop people trying to sift them out in search of the great ones?

So what are your thoughts on this? Backed any great ideas recently? Have you thought "great idea, but I'll let other people put the money in"? Have you been put off backing by the publicised failures?