I think framing ICO involvement as either a buyer or an investor is really smart. It made my think about my personal involvement with ICOs and I am a buyer (like most people I assume). I also agree that the risk/reward just isn't worth it in this market anymore. I was different a few years ago when an ICO wasn't released everyday, you could look at the team and the project and you had a pretty good idea about which projects would succeed and which ones wouldn't.
Now, it is just a guess. Especially for those of us that live in the US, getting into a decent project before it hits an exchange is almost impossible because of the regulations. I think waiting for the dip after the release on an exchange is the best way to go.
I have been lucky with a few ICOs (Dragonchain and Qtum) and I have also been really unlucky in few. Overall it is a gamble and the risk just ins't worth the reward. The market has changed and will continue to do so as these currencies and platforms become adopted by the masses.
Great post as always! :)