I really like this image. Masterpiece!!!

By the way when I chose an ICO I consider few variables...
1. The team
2. Any MVP
3. Clear Raodmap
4. Does the project has any real usability
5. Interstate from the community
I never read any whitepaper although I have already invested in 13 ICOs (LOL) and most few of them are really successful so far
(made me a lot of ROI).
I pretty much agree with you, but still for me the whitepaper is important and shows somehow how the team works.