Yeah, this is pretty awesome. According to Liam Erven, these guys know what they are doing. This isn't just some gimmic game for sighted people about being blind, it's actually good for us too.
And the binaural audio is legit as well. It isn't just some 2.5D HRTF simulation, it's on par with the Somethinelse titles.
Here's a video of Liam Playing the concept demo if you don't want to try it your self.
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Keep in mind as well that:
A. It will be available for all major desktop and mobile platforms.
B. They have some pretty cool rewards like the soundtrack and an audio book.
C. They are only asking for 5000 dollars, which is very low for this kind of thing.
D. If you pledge, your account will be charged next month, so if you don't have the cash now, but you will then, you can still contribute.
E. If they don't make their goal by next month, you won't be charged.
I really hope these guys succeed.