The only thing that letter was missing was an appeal for somebody to please think of the children.
Assuming it's real, it's a big deal. It's an official response from CIG / RSI that appears to document the fact that the vast majority of the funds "pledged" so far have been allocated to development work, and there is no contingency fund. Any and all refunds will have a real impact on the development budget for the game, which again speaks to there not actually being a budget as such and that they're going to keep going until the game is made or the backers stop buying ships, whichever happens first. I find this to be an incredibly irresponsible approach to software development, and particularly toward the "pledges" provided at-risk by the backers.
A responsible company would have *at the very least* set a budget for the game and managed their funds in such a way as to insulate their backers from developmental hiccups. There's a very good reason why Frontier class preorders and lifetime passes as deferred income (i.e. income that they cannot book yet), because they may very well have to pay some or all of it back. These are the actions of a *responsible* company, but unfortunately for us CIG don't exist to succeed as a business; they exist only so that Chris Roberts can create the game / movie that he's always wanted to but has been hamstrung by the lack of investment. If the project fails it'll be a hit to his pride, but (as far as he's concerned) nothing else will be lost. 300 people will be out of work, but hey...