The only big problems I see in a very long development time are having to rewrite things because they eventually became obsolete, as other already wrote, and all the additional costs, for wages, services, management, etc tcaused by keeping functioning the dev team for a longer time before releasing the game.
Another problem that not always happens, but in this case it will probably do, is that to make the crowdfunding work so well, they trapped themselves in the hype machine, so it's possible that even if the game will be excellent, it could still fall short of people's expectations.