Yes, I agree.
I was very much interested in LightTable. If I had given money to the kickstarter fund I would be very ticked to find out that those funds were being redirected to a different project (and I would not give funds to those individuals again).
I am also trying to be helpful by pointing this out (not just taking a cheap shot).
Also, my gut reaction to this is "LightTable is effectively dead". Again, not trying to be mean -- just basing this on a long history of following the industry.
All that being said, it does seem that the LightTable folks are trying to be transparent about all of this, and that much is refreshing.
If they are successful in producing something very useful, my hat is off to them. But I have to admit that it sounds kind of "pie in the sky" to me in this announcement. Please feel free to prove me wrong :-D