Bancor is still under ico price, and makes 40% loss in ETH scale, which is unacceptable, although the team does the work hard, they may lack some skill to let investors make money.
If we see Bancor's value based on parity with ETH then yes, you are right. First we need to set a base currency as measure to judge the value of any project because large majority use which suits them. Fiat was used to buy Ethereum so it isn't like this in fact. Bancor is undervalued now but isn't under ICO anymore. It is different perspective of view of everyone.