It's been said but they should have followed the
Pathfinder Onlinemodel and funded a tech demo. Make it a lower goal, promise no actual game (since it's been stated that $800,000 doesn't actually fund an MMO yet all sorts of tiers make bold in-game promises) and use whatever money is made there to actually start making Pantheon. Maybe they would have made less overall, but as it stands there's an enormous risk of getting zero funding anyways.
Create a demo, offer to let users interact with it and come back with way more shit for a full-fledged Kickstarter or just try and get the game published.