Whether it's good or bad I would say depends on the project itself. ICOs are not inherently bad or good, but the projects need to be researched thoroughly, i.e, looking at the concept, team, their current or future development, usefulness or proposed use and team communication. I've seen some Icos that on paper all looks good, but  the teams have poor communication and do not market themselves well (eg active on social media or announcements) this impacts
investors sentiments and ultimately the price in the exchanges.

So in summary, you need to take a holistic view of the project

Happy investing!