I think any article written to educate people on ICOs should avoid claims that can be misleading for people.
An ICO is an illegal way adopted by new companies for raising funds that they otherwise will unlikely be able to raise, because either the idea is rubbish or because they will fail due diligence.
It is not similar to the other forms of fundraising mechanisms - equity financing or debt financing. Even in the case of IPOs, only start ups that have demonstrated the usecase of a product and have been thoroughly vetted by private investors, are able to list and raise money publicly.
Once shares start trading, companies are accountable to shareholders - have to release accounts quarterly, audited accounts, and hold investors calls.
ICOs do not offer speculators any asset, digital or physical. Tokens do not offer any ownership or legal rights.
What is clear is the ICO could (definitely is) be the most efficient form (fastest way which doesn't mean efficiency) of capital fundraising (stealing money without accountability by scamsters), the world has ever seen.
I hope people find the comment educating.
Thanks for reading. I agree with your points on it differing from debt or equity. At a base level it could be considered a sale of a digital good with network utility but with the expectation of a financial return (a security with additional properties). Whether all of this has intrinsic value... Time will tell