I like your approach of valuing the company in production and then considering the risks to get there. I'm not adverse to leverage but it's worth noting that in your property example you are leveraged and a downturn can also rapidly erode your equity.
Whilst you are absolutely correct that every project is unique, I do think peer comparisons can be useful tool at this stage - providing you are congnisant of what you are comparing and the assumptions.
It's difficult to put a value on these companies at this stage of development. How markets are valuing similar companies can help refine this.
I think the problem comes when people expect to find a silver bullet and ignore uncertainty or assumptions. This also applies to forecasts and analysis.
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