For me, the product is the most important from an ICOs. If they already have a product that's mean they are serious to develop their project. Don't trust any ICO that only gives you fairy tails. Better invest your money on trusted ICO.
The trusted ico can be seen through use launchpad system that puts more restriction for ico to be listed in that place. But we are talking about how important the product for the future of ico itself. Most of icos are only having MVP.