Their project is actually far-reaching, but I think they can succeed as they have some experience and quite a good team works on it. As someone said above, their goal is not to gain $2.000.000, but to get investors interested - and that's the main concept.
Btw - Retto, the fact that you didn't like these arts doesn't mean that everyone else won't like it too.
I see the "ambition" and all i can think of is Project Copernicus... Also, regardless of how actively you moderate the player-made content you're still going to get a gigantic number of dicks showing up in your game, in one way or another.
Wurm Online allows everyone to craft and change the world permanently, Mortal Online allows everyone to do almost everything right from the start (pretty poorly though), Neverwinter lets everyone make their own quests/dungeons and share it with others and Second Life lets people make their mini worlds from start to finish. All four cover pretty much everything this game promises and have a dedicated fan base.