Right now all deposits are refundable. At some point they won't be, but it appears that point is when the games are starting to enter production or at least parts are being ordered in quantity. Once the games are entering production, there are a lot less unknowns regarding the release.
It's dumb to have a drop dead date on the project. Once the game has been finalized, the delays won't be years, weeks at the worst unless they messed something up bad. And up until then, you just ask for your money back.
Technically though, you are right. Anything can happen at any time, but based on your train of thought, this project might not be something for you.
Quoted from viper001:
I'm not stirring any pots, I'm just mentioning if there are any provisions in this project for the highly unlikely event of a failure. Rick has been very firm and careful to distance himself from the past debacle and I can understand why he would want to do that, but the best way to truly differentiate what you are doing from "that guy" would be to say something up front to the effect of "My project will not drag on for 7 years with no product delivery". Or "If we haven't shipped the first game by January 1st, 2016 then I will offer refunds to anyone wanting out". As it stands it is another open-ended project which have had a mixed history of success in the past.
If you have a deposit with Wayne still today you can call him up and ask for a refund on it. Of all the terms of this new deal I found it curious that there is a really limited period of time folks on the buying side of the equation can ask for a refund (up until WMS approval), but there is no reciprocal provision for failure to deliver the goods in a timely manner.