Factom looks incredibly interesting. So when they say the tokens are issued on XCP, does that mean anyone who holds XCP may then convert a certain amount to the Factom token?
Depends on what you mean. They will likely just issue an asset called "FactoidPreSale" or something on the Counterparty Protocol. So yes, in that case you could be able to exchange XCP and BTC and many (all?) other Counterparty assets for it.