1. Lots of ICOs happening (crossed $3B in money raised).
2. ICOs are risky.
3. SEC will likely use the Howey test to determine which ones are securities (and therefore need to comply with securities law)
4. Startups may be able to protect themselves by limiting token sales to accredited investors and providing more disclosures in their white papers. (a hack that most people now are well aware of -- i.e. the utility token + SAFT route)
5. When you invest in an ICO, you not just take financial risk, but also may inadvertently be breaking a law (basically, ICOs are fraught with uncertainty)
I wish we heard something new. Clearly, there is something interesting happening - a new way to raise money, or perhaps a new way to launch products. In the long run, it is exciting because it will help launch useful products and services. But many articles often just regurgitate what most people already know, and don't offer anything new.
I suppose regulatory authorities at some point will offer a way forward (by regulating this space -- which I think would be a good thing!). Until that happens, we just hear a lot of armchair thinkers and potential practitioners just conjecture endlessly.