As long as we're talking about 'data you can look up', there is some irony here, as others have also pointed out: SpectreCoin is itself an 'improved' version of ShadowCash, and was unpopular with the SDC community at the time of its first development (e.g., http://coinwiki.info/en/SpectreCoin#History). In that light, TokenPay's choice to copy both ShadowCash and SpectreCoin and develop a bigger vision (debit card, bank, etc.) may be shady, but it's definitely precedented.
At this point, as investors, the question is really which 'version' of SpectreCoin is more likely to succeed in the long term.
On the negative side, TokenPay copied code and may be less familiar with it for now. Until they 'make it their own', they will be less prepared to deal with problems as they arise. There is also concern about the integrity of a team that doesn't disclose all of this, and that deliberately ignores the two projects that are most similar to it (XSPEC and PIVX) in its comparison charts. On the positive side, TokenPay has an ambitious roadmap (debit card, bank, etc.) and claims to have a relatively large team, so IF the plan is truthful and IF they succeed in getting the project going, we have to acknowledge that there is real potential here. If it really is SpectreCoin but with more ambition and better marketing, then it may well be a worthwhile investment.
On the positive side, SpectreCoin (XSPEC) has more experience with the code, is currently better equipped to deal with problems that might arise, and has a longer-established plan. They are further along in their development. On the negative side, XSPEC has a less ambitious plan, raised relatively little in their ICO (i.e., development funds), and has shown less (so far, at least) interest in marketing themselves effectively.
So: do the potential strengths and ambitions of TokenPay outweigh the concerns, and do they support a price of > $5/token vs. < $0.40/token for XSPEC? If you believe that the value proposition of TokenPay is more than 10x greater than that of SpectreCoin, then this ICO is well worth considering. If not, then it isn't.