If you are an investor, Progress prices are more important than exchange listings.
Even exchange listing shouldn't be utmost thing at this moment but an exchange with good volume.
What do you think is a better definition of success in an ICO? The amount it raises or whether the token is ultimately listed on an exchange?
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3163849 "Are Blockchain Crowdsales the New 'Gold Rush'? Success Determinants of Initial Coin Offerings"
This paper argues eventual trading status is more important.
To me, I won't make a dichotomy but to simply say that a successful ico is the one that keeps to its promises, from dates, exchanges to be listed on in their road map. Keeping to everything in the white paper in general and not to vary it with time and lying to investors.