Keep in mind that all we've seen is a pre-rendered sizzle reel, and we have no idea whatsoever what development has taken place already, outside of the announcement that it's running CryEngine 3 and that Roberts has a very rough prototype
At the GDC online announcement, Roberts played the mission seen in the trailer in real time. He started off in 1st/3rd person walking around the interior of the carrier, climbed into the cockpit of his fighter, took off, and fought with the raider ships. All without any loading screens or major hiccups (though there were a few minor clipping issues).
So the basics of the game engine are set, and it was surprisingly polished for a pre-pre-alpha build. From his comments it sounded like the only assets they really had completed were the carrier and the 2 fighter classes, but it's pretty impressive that they managed to turn CryEngine 3 into a functional flight sim by the time of the announcement. They had a lot more done than most projects that are at the crowdfunding phase. So there's definitely been a fair amount of development done already.
The combined totals for the RSI site are just over $1.8 million as I type this, and should surpass the $2million minimum goal very shortly. That's after just 13 days of fundraising on the RSI site and only 4 days on Kickstarter, so they are likely on their way to a $3 - $4 million total.
I'm very, very excited about this game. Dusted off my joystick last night and downloaded Diaspora: Shattered Armistice for some practice. I pledged $60 to Star Citizen, and might do more if I can convince the wife that it's necessary for my well-being.
Edit - Roberts has also stated that the $2million goal will kick in additional private funding from investors, who wanted Roberts to prove their was a market for this type of game before they committed the money. So the crowdfunding isn't the only funding stream for this game's development.