I sure hope this experiment can work. There's a huge need for a vehicle to fund companies that A) aren't bankable, B) Need cash beyond the founders' 2nd mortgage and C) aren't likely to have an exit. By the way, most companies that go for angel or VC money aren't likely to have an exit - but they convince themselves (and investors) they will because they don't see any other way to start.
I love the indie.vc experiment as a new funding mechanism. I'm a little put off by the "manifesto" aspect of the definition of "independents." Open book management can be a wonderful thing for many (but not all) companies. And equality of benefits as well. However, I'm of the opinion that those things should be separate from the funding mechanism - not a requirement of it. But then, I'm not running the experiment.
I really appreciate the offering the docs to people and being so open with their process.