1. Ability to implement - Many of the ICO's right now are mostly fluff with no clear way to implement their product in the real world. ICO's like Kin who is being spun of Kik Interactive, Unikoin gold off Unikrn, and one coming up called Kudos which is being implemented by the team behind Skedaddle,(the rapidly growing on-demand long distance transit network) have a distinct advantage putting their coins into action. An already established user base is vital toward kickstarting the network.
2. Vision - Is this product actually going to fix a problem? Despite all it's promise, blockchain isn't always the answer. Many companies are using blockchain just seemingly because. I look for companies that are using blockchain to solve problems that were previously difficult or impossible to fix, and now with the advent of blockchain can be properly addressed.
3. Development/Advisor teams - In a space so heavily saturated with ideas and speculation you need to have faith in the people behind it. Ensuring that the team behind the token sale has adequate experience growing seed ideas and creating user-friendly software will in many cases be the difference between a successful and unsuccessful ICO. Having the right mentorship and connections from advising teams feeds into this as well.