Proper ICO Due Diligence?

What are you looking for with proper ICO due diligence? Any strategies to quantify or differentiate a good ICO from a bad one?

For example, in venture capital you have processes;

Any VC...
1. Simple explanation of the business (1 sentence, what do you do?)
2. Clear revenue stream (How does the business make $?)
3. Defined exit strategy (How does the investor make $?)
For an equity...
1. Industry (growth with first mover advantage)
2. Exit Strategy (investor liquidity event)
3. Financial Return (significant for early stage, +50%/3yr.)
Your particular investment...
1. Look at Big Picture
2. Find the downside
3. Protect your downside

What is most important to show legitimacy for investors?

Our main concerns currently are:

1. Transparent Team
2. Use of Escrow
3. Team Tokens limited to Milestones
4. White Papers
5. Business Plans
6. Practical use of Technology
7. Token Distribution %'s
8. Limited Token Supply