I think there are probably a couple of differing opinions on this, perhaps we'll see it come up in an intermission.

I whole-heartedly agree with you about the cost === value misconception in audiences. The problem with your alternative of leveraging smaller online communities in a broader sense is that these communities are far smaller than you would think, and they're also the kind of communities that are hesitant to spend money.

Point in case I always bring up is something like Attack the Block, which got a US release after being a hit on the festival circuit. Now this thing was being pimped like crazy by pretty much every major movie website on the internet, everyone was posting rave reviews for it, URGING people to watch this movie, and this went on for probabaly a month of more. And the end result? 1 million box-office domestic. That right there is near the top-end of the amount of money you can get from word-of-mouth online if you're a relative unknown (which Joe Cornish was largely in the US, as were the actors).

Anytime you see a huge "breakout" hit like Paranormal Activity, that didn't happen through online buzz. That happened through an extensive and very smart marketing campaign by Paramount, a marketing campaign that probably cost 10-15 million dollars at the least.

So while the community-targeted approach can work, the amount of money you can realistically get that way is very small, so the scale of the projects is destined to be tiny.

You don't have to be famous, you just need to network. Like always.

For example, what if MadGod tips it's hat to a production by Trey (because of network), driving eyes and funding?
What if Trey then tips his hat to a production by Teague, (because of network) driving eyes and funding?
Or, real life example, Eddie tips his hat to a kick arse MMA production which drives eyes and funding?

Backers become your initial audience and word-of-mouth advertising campaign.

Technology doesn't replace the need to build networks and community. I recommend people I've met or worked with for jobs in corporate land, same as in creative land. Same shit with kickstarter; people trust recommendations by people they know.