[kj] down by the river

[fatpotanga]

I think it's a good idea, esp for smaller acts with smaller sales.
Instead of a band shelling out up front & then trying to recoup & make a profit (esp in an age of file sharing & downloads) you promote & raise funds for the project before you start.
But what's really good about this (and I have 'GoP' firmly in mind) is that the artist doesn't receive a penny until the target amount is reached, if the target amount isn't reached within the specified time period) everyone who has pledged is refunded in full.

I suppose the simplest way of looking at it is to think of it as sponsoring an album or funding church roof repairs or something. 
If you don't reach the target amount, the roof doesn't get repaired.