That said, I also understand the real world, and how business works. Deadlines are not always met. Estimates can be over optimistic. Customers can get upset, money can be lost.
The money is not lost, it is in BFL's hands. After a reasonable amount of time, failure to deliver becomes breach of contract.
Caveat emptor is not a defense when you break a contract to deliver product after the customer has paid in full.
The question boils down to: would a judge feel that it is reasonable for someone to wait 7 months to deliver a product that has been paid for.
No, the question would rather boil down to: Would a judge find it reasonable that the development and shipping of a product clearly stated to be in development took more than double the time as stipulated. (AFAIK the original stipulation was 4 months.)
Does this mean that it's not possible to offer a product for sale while it's still in development?
I am a latecomer to BTC, but to me the whole BFL thing is a crowdfunding project that went sour because of many very impatient buyers.