Ive searched through the consumer law about this, there is nothing illegal. It's no different from paying a deposit for something like a car and waiting a year to eventually get it. I agree, they should very much stop the pre-orders, don't allow any more, as at the moment they are gaining interest on our money.
It would be okay, if it was a small amount, for instance, I have an Analogue Pocket on preorder, wont see that until March+ next year, but was only 200ish, but there were limited amounts, and stopped going on sale as soon as they sold out.
But id rather be in a queue than constantly checking sites all the time. Its a no win situation really, i'm a patient man, so not too bothered. Plus ive used OC before many times, no problems.