There are some aspects must be considered
1 team vision, this to take the business plan of ico itself
2 Whitepaper review to make sure the team is not copied the whitepaper from another existing project just like what already did by dadi and tron.
3 smartcontract and another code review, But this only can be done by expertise.
4 community review about the project itself because the community should be considered as very important place to get various information regarding ico. I think that majority of people in the community will have done analyzation for such ico too.