On one hand, I want to say if you've waited this long debating whether or not it was a good financial decision to back Star Citizen project, you've kind of already made your peace with your money & getting your money's worth in the end. On the other hand, this is a really sleazeball move to lock in people who paid money in good faith and have yet to see any kind of reward for it.
At this point, the fact that Cloud Imperium offered it for as long as they have already puts them in a far higher moral position than the overwhelming majority of Game publishers/developers/platforms in terms of refund window length. They can't offer it forever, they have bills to pay (which I can totally understand) in the end and as a business, they weren't even required to offer them for anywhere near as long as they have so far.
(Word of advice, if you are gonna back a kickstarter project, always, always, always, do a lot of research into the project by asking questions and once you get all the available data then put money into it and also make sure there's a refund offer in the end)
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