Is there a date set for when their chip is to be demonstrated?
That seems like the riskiest bit of KnC (well and yeilds if the chip works).
I have no KnC pre-orders... backing out of Bitsyncom and looking at BitFury and KnC.
I believe they stated they would donate a working unit to the couple making a bitcoin movie by the end of August (please double check this, just going off memory of reading a second hand accounting here). If true then you would think they would likely have more concrete information to display sometime in mid-August. If it's good news there will probably be a rush of new orders so if your looking for middle of the road risk investment might be good to wait for specs/proof on a built and tested chip and order immediately following the news to possibly stay in the October shipment window (last I heard current orders are planned to be shipped in October but it's unclear how many orders are left until new orders are pushed to November).
Still risk this way but much of it should be mitigated compared to pre-ordering now or earlier. Plus if you're fast you might not lose much ROI opportunity due to high queue placement.