Earlier quoted context omitted.
What % of ICOs are seemingly legitimate? I see advertisements for ICOs on reddit and other tech websites all the time, and I have yet to find one that doesn't look incredibly shady.
Not many of them! Even the ones that are sincere, often have terrible ideas. Or purely unworkable ideas or no business model. It makes it hard for legit people like my startup. We're actually using tech for an end case, not building tech on top of tech for tech's sake.
Invested in one that raised just over $1m, it was considered a huge amount at the time, they had a solid team, serious whitepaper and a rough alpha open sourced product that you could load up and use. A small team that struggled with limited funds and still going strong long down the track.
Today whitepapers have little scientific merit and are more brochures. These companies are raising 100's of millions with no product whatsoever.
Only time can tell legitimacy, and unless you have both the technical and economic ability to properly assess these offerings the best advice is to stay far away until a viable alpha product is created.
Anecdotal experience is that >95% of ico investors haven't even tried the product they have invested in. Seen people who spend hours a day on the forums spruiking yet can't even point to the binary download page when asked.