Pretty sure it was the Pebble Watch. Their largest, most publicized project was called in to question after repeated delays.

I think the subsequent changes (i.e. no renderings) made make the platform substantially better. But they still need to get away from that "presale" perception that the general public has.

The first few projects I backed were friends or just because I thought they were cool ideas that would be awesome in real life. Getting something in return was really, in its purest form, a 'perk'.