I don't disagree the slightest. I took a leap off a cliff on the promise of pillows. It had nothing to do with being a sound investment. It had everything to do with hopes and dreams. I tried very hard to keep up with their management of expectations but I also realize they might not be able to deliver on everything promised so I stay fairly pessimistic on any grand promises.
My biggest fear is the instancing. CR seemed to suggest that the Crytek engine probably couldn't handle more than a half dozen ships on either side at most or far less. That was one of the motivations for moving it to their own engine but that doesn't mean they can actually get it to work to what he would prefer. There is what CR wants and then there is what they can produce, the two may not come anywhere near no matter how much money they sink into it. Should that happen yeah a fleet of even a half dozen ships may not work at all.
I also agree with your point that no we simply don't know how well any of these systems actually will play out in a game. Will it be fun or dreadfully boring? I suppose a different solution could have been to save up that money and simply buy the ships in game. CR has mentioned that they are likely to allow conversion of real money to in game currency but would limit it to $20 per day/week/month. Not sure exactly. I don't think they elaborated further. That may have been ultimately a more prudent solution and certainly the more safe solution. However I wanted to help fund the production of the game as well. I figured if I spend that kind of money I may as well give it to them when they can use it the most which is during development. That's entirely to their benefit and not to my own. I realize that. I'm not saying I was smart doing that and you can argue it was extremely foolish but there it is.
I also look at it from another perspective. I used the money to fund a very expensive hobby. Some of my friends buy a truck and boat and go fishing. Arguably that's a more worthwhile investment since you have something practical but really it's a hobby. Others spend 3-5 times as much on AV equipment. Again more practical but still a hobby. For me this is my hobby. This is my truck/boat/AV setup.
By the way almost all of them are neck deep in debt and I'm talking well over 200-300k. I may have little money to my name but I'm debt free. I know that's not a real excuse but I'm just comparing myself to others I work with. While they continue that trend and some go under I just quietly play games and not pull a stunt like this again. That's all.