I finished my Degree in Australia last year and then moved to Japan. Japan is where I am. 
Through HD for Indies I came across this Variety piece by Scott Kirsner.
Thats! some! link! action!
Anyhoo, the article is quite skeptical about the viability off the current crop of models, such as A Swarm of Angels, that have been popping up around the web. The main criticism is that in reaching for full feature funding, these projects are overreaching themselves.
Here's a quote....
I think for this idea to work, somebody bigger than a nobody would have to step up to do it, and they'd need to lower the target amount to raise - $100K tops I'd think...but that's not much of a feature - you could make a nice short for that though.
...and he goes on to have someone say why no one bigger will step up....
Daniel Riviera, a San Francisco entertainment attorney active in indie film production, says he can't imagine experienced film investors entering their credit card numbers on Web sites to buy into a project, rather than signing the standard private placement memorandum.
"I don't think any of the investors I work with would get involved," he says.
I would have to a agree, that for as far as a fully decked out production of a crowdsourced film goes, a short might be the ticket.
