I'd be surprised if it failed in a complete sense, considering the dedication and transparency I've been seeing. If it not becoming hugely popular outside of the community already here is seen as failure too, I'd be less shocked.
Then I'd be upset but hopeful that another studio would make an attempt. I'd be willing to put a lot of money into backing if they were asking for it, like I'm doing this time.
The whole scenario of them both not being able to deliver promises and having rampant hackers, etc. etc. etc. seems a bit dramatic. Not impossible and I understand this is hypothetical. Still, I hope that's not a fear which has been stopping others from pledging.
Not sure I'd be angry at the devs... it would depend on how it went. Most likely I'd be disappointed and maybe also a little understanding. I would hope I could keep in mind that ambitious thinking has led some of the best of us into trouble. Hopefully, overall, I would be grateful for all the information they tried to get out and the (what I perceive to be) laudable manner in which the community has been treated and interacted with.
I could understand negative reactions because not everybody gets much of a life to live. Everybody, grab your smallest violin for my sob story! Uh, to summarise, agoraphobic who is--for reasons I won't bore you with--highly unlikely to find conventional work, ever. I try to give to charity to combat that failure to entirely add to society and I also want to try to write for tabletop games eventually, but having something as large and seemingly immersive as CoE looks set to be is important for mental health, at least for me. Having this to encourage me to work on my pretty useless social skills is actually a big deal in my eyes.
I'm not interested in any other sort of MMO out there currently. So, yeah. I'm not going to write off peoples' emotions in terms of there being 'more important' issues to care about. Plus, I imagine that most do care about matters beyond gaming.
Conclusion: Surprised, sad, yet still hopeful for the future and willing to put the money where my idealistic mouth is.