Madmind Studios on Kickstarter asking for your money.
"We promise to make the most brutal sex-horror game ever!"

After Madmind Studios got your money.
"We sold out to a publisher, so the game is censored now."

Madmind Studios a little later.
"Don't worry though, we'll release an AO patch."

Madmind Studios 24hrs before launch.
"There is no patch."

Madmind Studios mitigating the damage.
"Chill, only 3 seconds of the ending is censored."

Madmind Studios after getting caught lying about the censorship.
"Don't worry guys, we're releasing an uncensored version of the game anyway."

Madmind Studios now.
"There is going to be no uncensored version of the game."

I would call Agony a scam but generally speaking, I don't believe you should attribute to malice that which is adequately explained by stupidity.
I don't think Madmind Studios set out to cheat their backers, or slowly dig a deeper and deeper hole for themselves by lying at every opportunity.
I believe they just mismanaged this project.
I believe that they were surprised by the amount of support they garnered on Kickstarter and this made them arrogant, so instead of using the money to make the game that they promised, they instead went to a publisher and used the amount of support they'd gotten as an indication of how many people were interested in their game, and thus managed to sign a publishing contract and gain themselves a bit more money.
A good idea in theory, more money 'usually' means higher quality.
However, in doing so they had to agree to sacrifice their collective vision of the game, a vision that they had already SOLD FOR ACTUAL MONEY to their backers.
It was here that Agony just went downhill, to mitigate the damage caused by betraying their backers, Madmind Studios lied and lied and lied.
They started to refer to the censorship as 'alleged' while acknowledging that the game was indeed censored in the same update.
They also claimed that only a few seconds of the game's ending was censored, while people were actually playing the game and seeing first hand that a lot more was actually removed.
See? This is why I blaming stupidity over malice.
Yes, they're lying but it's so poorly executed that instead of seeming malicious it just seems... sad.
So what do they do now that their game is being poorly reviewed and being seen as another failed kickstarter, do they accept responsibility and try to be better?
Pfft, not likely. They do the same thing they did with the AO patch, they tell their backers that what they promised is still coming and they'll get what they paid for, the full game, the way it was originally intended. ...and then as soon as everything quietens down and people move on, they reveal that they're not going to release an uncensored version of the game.
The balls on these developers!
I know that many entities in the video game industry happily trade away a good reputation for money but these are massive corporations that can afford to do so.
I don't see how Madmind Studios can recover from this, and honestly if they don't change their dishonest ways, I don't think they deserve too.

I thought I would give a final summary of the Agony situation since it has been awhile. 
Madmind Studio eventually released Agony Unrated which was the uncensored version of the game, however after four months it was removed from everyone's Steam library. 
This was because when they released Agony Unrated, they gave it to everyone who owned the censored version which was a HUGE problem because Agony Unrated is labeled as 'Adult Only' on Steam and the censored version is not. 
So Madmind Studio accidentally gave away an adult game with uncensored sex and bloody gore to players who potentially weren't old enough to buy it. 
Steam was not happy. 
To remedy this, Agony Unrated was completely removed from everyone's Steam library and Madmind Studio told the playerbase that if they wanted to own the game again, they would have to buy it again. (They would even offer a discount)
This included people who bought Agony Unrated in the Agony bundle and the Kickstarter Backers. 
Yes, you read that right.
MADMIND STUDIOS TOLD THE BACKERS WHO FUNDED THE GAME TO BUY IT AGAIN!!
Shocking, really.
There was obviously backlash for this but Madmind Studio stood firm and told the playerbase that there was no way for them to return their copy of Agony Unrated and any attempt to do so would be illegal, it was just impossible. 
Then a month later, they gave Agony Unrated back to the playerbase as free DLC for Agony.

My review for Agony Unrated is here. It doesn't cover the early problems and just focuses on Agony Unrated being removed from my Steam library with timestamps.