For me its fine. We are getting freaking Shenmue III! SHENMUE III!!!
That is enough on its own to have me sold especially with Yu Suzuki and his colleagues working on the game who worked on the original rather than another creative team working on it.
Yes its disappointing that some features may be skipped/cancelled but this is how development goes. I would love Sega to foot up the $15-20 million production cost and we all got a true sequel in 2017 along with remasters of the old games. But in a real world that isn't going to happen.
So a Kickstarter with $3.5+ million is already fantastic for a Shenmue's fan point of view!
I hope they can hit $5-7 million before the end of the Kickstarter but more so I hope they continue a blog and donation/rewards on their own website like Start Citizen, or pCARS. This way they will get 100% of the money (no loss to Kickstarter etc) and a chance for the really passionate fans to dig deep and slowly help cover the production cost. Then by summer next year close the Kickstarter fund as production will have to be in a lockdown start and backers end up a bit feisty if you don't put a lockdown on production