There are many projects who are doing "old style" - presenting nothing and trying to gain the funds. In my opinion that era is gone, if you can not present anything, at least MVP - you should not make an ICO.
The thing about new ICO's is the timing, as some make it for many months, a year ago when it was a boom, ICO was 30 days period though. That means an opportunity cost to the investor. The main risk is where they will be tradable and when... However, if noone will fund good projects, they will not be released due to no funds raised. If you believe in the project, go ahead..