It's hard to trust these guys promises because when they break it they just say sorry with no real repercussions.
On the other hand if apologies were coupled with tangible things like free upgrades...
I don't really think LH Labs would offer any free upgrades at this point. It is more likely that they will be offering paid upgrades - new chips, new functions, new whatever that (they claim) will significantly improve the sound / functionality. Backers of lower end models may be forced to upgrade to higher end models later (see Geek Wave 32 to 64 forced "upgrade"). Right now, I am genuinely worried if I would ever receive the Geek Wave, as I am very concerned if the funds collected in the campaign would run out during the R&D process. This could mean that they might be left with no choice but to find new ways to secure more funds - like releasing yet another new product to raise more funds, or try to convince existing backers to pledge a bit more (see the recent Vibrato "free gift" offer)..
The current situation is very frustrating. On the one hand, I simply wish that they could deliver Geek Wave as soon as possible. It seems to me that by the time Geek Wave is released (if it would ever be released), the spec would be out-of-date, and better DAP choices would already be available at the same or even lower price. On the other hand, I am also concerned if LH Labs rush to complete the Geek Wave project, there would be quality control / hardware / software issues (see the issues of Geek Pulse). And we have absolutely no idea if the Geek Wave would sound good at all - it might be no better than a cheap Fiio or iBasso DAP ^.
I am honestly tired of waiting for Geek Wave, as I did hold off upgrading my DAP several times, in hopes of receiving the Geek Wave some time in late 2015 / in 2016. I am not going to wait anymore, and I will proceed to buy a new DAP later this month. I bet we would all not be receiving the Geek Wave in 2016. And we should consider ourselves lucky if we would receive in 2017 (I bet they cannot finish shipping the Geek Wave to all backers until 2018 - if they would ever ship it). This may sound very pessimistic, but I have learnt to set my expectations very low after months and months of delay. If I continue to follow the sporadic updates closely and believe the vague delivery promises, I would only get more frustrated. So the only way out is for me to accept that the Geek Wave is a lost cause.
Perhaps a company should be praised for its marketing prowess that has successfully deceived a lot of people, raising a lot of funds in the process. I, however, see this a very pathetic and depressing situation.
(^ Remarks: This comment does not mean that lower priced Fiio or iBasso DAPs sound bad at all. I personally also own several Fiio DAPs and owned several Ibasso DAPs, and am quite satisfied with them. It is just that Geek Wave is purported to be "a no-compromise portable music player" - if it cannot even compete with an introductory level of DAPs, then is it worth the asking price? Would we have all been better off buying a Fiio X1/3/5/7 or iBasso DX50/80/90/100 instead of waiting eternally for the Geek Wave?)