It's amazing he's managed to get pledges of over $50,000 for some flimsy looking gimmicky lights that cost over $200.
I assume pledges on that website don't actually have to be backed with cold hard real cash?
The pledges are paid up if the funding target is reached - a pledge is made with a credit card, and the amount is charged to it on a set date if the target has been reached. If it hasn't, the pledger pays nothing.
I think it is cool, and I don't see why it would be impractical necessarily. Expensive? Perhaps, but all new toys are expensive. A faff? Once fitted, I don't see why they would be. I wouldn't use them as single lights, of course, but I love the slightly Tron effect they gave the bike. I think a lot of people would like them, just as clever bling - and a lot of people who like bling would have $200 to splash out. There are plenty of very expensive gimmicks I would baulk at - anything that claims to shave a few grams off your bike, for example, while shedding a hundred pounds from your wallet....
Good luck to him.