It is only a matter of time until many of those ICOs will lose all their value because they won't deliver a product. Within 2 years a start-up (here ICO) should deliver some sort of value or I consider it failed, and we are getting closer and closer to that 2 year mark for some ICOs and many of them are still in very early development phase! But as with start-ups 95+ % will fail, so that should come as expected... Bad part is, like you said, that will have a bad effect on the whole market! In my opinions ICOs should be conducted when they at least already developed some kind of code, not with a whitepaper only, which happens way too often lately.
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From concept to actually producing something of value I would say 3-5 years is actually pretty normal. But that takes into account that ICO's are like venture capital. To make that long term worthwhile massive profit potential needs to be there as you have an opportunity cost to each ETH you put towards an ICO.
Lately that opportunity cost has been very high. Any coin that hasn't increased in value as fast as ETH shows this opportunity cost. You had the opportunity to just hold ETH and profit from it's run up.