Ok let`s start
First of all the guy who did BitShares, always wanted to make several blockchains, each for different purpose. And so he developed a code base in a modular way, so there is kind of a library which is shared between blockchains. It's been used in BitShares and STEEM, as well as in their offshots. Also it's been used for private blockchains.
So currently EOS code base is forked of BitShares, as I understand, but it's going to be very different.
And Dan Larimer already demonstrated his capability to deliver stuff.
And as you can see, STEEM is quite different from BitShares even though there are common parts. One big difference is that BitShares uses traditional fee model as anti-spam, while STEEM uses throttling based on SP ownership. The same model is going to be used in EOS.
I think the model is actually quite interesting: if you want successful dapps, users shouldn't need to pay fees to interact with them. If you pay for every click you do, that kills the experience. EOS/STEEM solved this issue by using tokens to allocate bandwidth on per-app basis. This is genius.
So let's go through points:
Is it based on BitShares? Yes.
Is it bad? No, it's going to be changed in a very significant way.
Can the team deliver? Almost certainly, unless Dan is hit by a bus, but even then I'm sure they can find somebody who understands Dan's vision and can complete the work.
Is what they are doing interesting? Yes, seems very promising dapp platform. Nobody can say if it will kill all other platforms, but at least it's something new and interesting. And Dan has more "dapp" experience than everyone else.
Is ICO fair? ICOs are always money-grabs, but that's a norm today. If people throw money at you, you need to be a cretin to not take it (or very ideological guy).
Thanks . Please comment your thoughts , am i right or not ???