Yes, there is a lot of similar ICO project these days, that is absolutely true. But what you need to find is the uniqueness of that project. Most of the ICO's do add certain things to the already existing project to make it a blast. If there is nothing new, then that project is just like those that are born already. It makes it hard to succeed.
I agree with you to find the uniqueness of a project and to check the background of the project developer / manager to make sure that it will survive in the market. If you choose a project that is similar to old project better to invest the original project that is already guarantee that it will survive.