Yes. There are 4 key metrics for good and successful ICO. The product is the first standard you always need to check before investing in an ICO. Its good if they have a working product already but its also okay if they have just a vision written down in an excellent whitepaper, but you need to make sure that it makes sense for it to run in the blockchain / in a decentralized way. The other factors are the team, their metrics, and their marketing strategy. All these considered, guaranteed an ICO will be deemed successful in the future, like Bitrus and Files.FM.
I do believe that the product is the foundation of the project without it the whole project will fall under scam and fraud category on investor's view. I don't know if its just me, I am having hard time looking for a good ICO these days.
Product is the key to success on all blockchain projects, however, some ICO is not really into making innovations but rather running things for money. Try to also research about my recent studied ICO which is the Bitrus and Files.FM, you can look for them on ico rating sites.