Seriously, what have you been smoking?

Yep, lets go for that open source API

First off, Vulkan is an Open Standard API - not an Open Source API. Here's a good description of the difference between the two:

"An open standard is a descripition of how to build something. If you follow the description your stuff works and everyone who implements the standard can be sure that the same basic funtionalities exist and that things are compatible with each other. Open source, on the other hand, is a specific model for developing and distributing software. Open source means that the source code is open to everyone, that the writing of the code is done in a collaborative, open way, in a communty, and that everyone can download and freely use the code for his purposes."

The work on building the "description" (the specification) is open only to the developing members.

with iffy features

What iffy features would those be? Things like offering a massive increase in draw call capacity? Being OS and hardware agnostic? Because it's not like those matter to devs huh? And in case you're taking about consumer facing features and not development/deployment features, those are unannounced for a reason - they're the responsibility of the platform holder to define. So for example Valve will decide what Vulkan feature sets SteamOS will support and the Khronos Group will then work with them to develop those features.

and no release date

End of the year. It's been said since they first revealed Vulkan and was repeated at SIGGRAPH just a little while ago.

being made by a company who already failed to deliver on an older API.

The Khronos Group is the organising body of the project - the work is done by dozens of very high profile companies. Furthermore Vulkan isn't related to OpenGL one little bit - so lets not assume they share any doom just for the heck of it.

I love the idea of Vulkan, but its just illogical to support at this time.

Meaning while SC is still in alpha/beta development? Yeah, I'd agree. But it's a good time for CIG to start thinking about how they are going to implement it. And Chris recently confirmed that they are planning on making use of Vulkan in a 10FTC. No roadmap was given though.

We know DX12 is going to outperform it

Really.

How do you know that. Both are unreleased and in case you were not aware the Khronos Group actually helped Microsoft to define DX12 - because Microsoft is a member of the KG and it's in both of their interests for both low-level APIs to share fundamental traits.