Like any investment opportunity you have to be thorough and validate what the offer is.  In many cases the icos are hyped up with a laundry list of team members, board advisors and so called support and recognition from publications (to much to try to verify).  Ironically, many just don't have substance.  My approach is to be able to understand what the pitch is and if the project is doable.  Not interested, in hearing all the fluff with confusing diagrams and a technical facade.  I understand that there is importance to the development, but if they cant deliver the raw message then I'm already questioning the potential success.

I personally like to see something that is passed the dream and available to review.  A project that the launch isnt 16 months from now, but perhaps just a month or two to begin larger public testing.  In my opinion there are still good projects but way too many to review in order to get in the right one.