I actually am not sure if point 2 you make is positive. While many more projects have a chance due to this new funding mechanism, the quality of even the better projects is usually worse than the equivalent start-up. Start-ups have to go through a serious grind, and I mean really serious, to even get a dime of funding. They have to make plans, understand their business model, pitch it to investors, etc.
This process refines the product offering and makes it much better than it would be otherwise if they could just directly raise capital with all the benefits of both public offerings and private placements. I tend to think regulations on ICOs, if done appropriately, could formalize the process more and actually lead to a better overall quality of projects entering the space (even if it is far fewer). You will have to be far "hungrier" to get through the process. The question mark is whether or not those regulations go too far.