Granted I'm still a pretty new member of the community and primarily a lurker here, but in my opinion the best course of action would appear to be for I:C to take this to court if they believe they have a valid case against Massdrop. Having gone through small claims court myself a few years ago, I know a bit about how big of a pain in the ass the whole process can be, and I can only imagine how much worse it would be to battle a company like Massdrop that has far more resources than the person I had to file suit against. The reason I say this is because while it will certainly be difficult for I:C, currently carrying things out in the court of public opinion isn't going to accomplish anything.
Regardless of whom the community sides with it isn't going to change the current situation with what's happening with the Fox kickstarter, or future product availability on Massdrop. The way I see it is that both companies are losing out here, since many people (like myself) look forward to I:C products on Massdrop, so Massdrop is losing potential customers, but so is I:C due to lack of exposure. There are a lot of people just getting into this hobby that aren't going to bother sifting through pages of drama to make a decision on whether or not to buy a keyboard or other device. They're just going to look at what's available and choose from there.
This doesn't mean that I think I:C should just give in to what Massdrop is asking, but if those involved with this problem want to continue the fight I think that it would be best to do so legally in a court room and not on public forums online. I've seen a lot of people asking for full disclosure of the contract as well, and I honestly don't think that matters much either. I'm not a layer myself, and while I could read and interpret said contract to the best of my ability I could -and likely would- still miss many of the legal aspects of the wording, which could very well mean something that I don't personally think they do. So in the end it doesn't really matter what I or the community think of the contract, what matters what lawyers and the legal system think of it. Even if it were a very open and shut/slam dunk case against either party, the only way it will count is how the court rules on it.