I think some good ICO's still make it eve though where still in a bad market, this shows how great the project is , i believe ICO's are not dead they just waiting for the market to be in good condition
I think new project has a great advantage in competing with established ones due to they can see the flaw of the established one and new ones has the chance to fix that flaws and make their project more better than the established ones
For me i just look at their whitepaper and look at their project if it is realistic that it can be used in daily life and i always look deeper in the project aim and goals