I'll have a go at calling Star Citizen as a failed project. I thought at the time of the (initial) crowd-funding that some of the funding goals were too ambitious. I.e., not nearly enough money to be able to deliver the feature(s). Having now tried what they've delivered thus far, I don't think they can do it.
I've seen this sort of thing before. I don't work in games, but I've seen a lot of money thrown at a project and the project just completely fails. You need money, sure. Lots of it. But you need something else. You need the right people. And they have to have the motivation. And you need people to call out aspects of the project as a waste of time or a side-track. When I saw the video for the asteroid hanger, I finally thought, "Hmm... I think these guys are finished." Sure, they'll come out with something. It might be okay. But it won't have the certain something. The detail, the tightness, the focus, the stability and fun-factor that'll make it a truly memorable game.
Having said that, it wouldn't necessarily take all that much for Frontier to lose their way either. A few key people leave, some funds withdrawn, some silly decisions made by an irrational manager and bam, ED starts to lose the focus. It's difficult to imagine at this point, but it could happen.
The thing that concerned me about SC is the Engine they use, they need to completley rewirte the engine in order to get what they want just to keep the graphics. You already see in the Arena Commander the limitation and the primary build of the Crysis engine. So most of their time was forcing the engine to be something it isnt, and working constantly on the "new ship to preorder" scam.
Yes its a scam...its the worst kind of moneytization of HYPE. They literraly made money of the Hype, to the point they got so hard sidetracked the past years after they reached the 10mio.
Now they got the Arena Commander their first playable build for public usage. It feels like something complete "EXTRA" like the Hangarmodul and not somthing build to integrate in a game.
If you look at the developement of ED they extended the combat alpha build to the point we are now. It wasnt something extra for public usage atleast i think so about it.
SC has alot of work do to...they are already 2 years at work. ED got a much smother development, maybe it was a good thing that SC took all the Hype and ED had the chance to develope under the radar most of the time.
I only backed SC for $40 when it started and didnt for Elite. Never buyed additional ships, i am not a fool. But gladly gave ED the money for Premium Beta when i saw how things are going.