The benefits of ICO:

1. Faster capital attraction,
2. Borderless, and almost instiant money inflow into the company,
3. Cheaper than traditional IPO,
4. Smaller capital portions can be attracted, this brings more exposure to the company etc.
5. Less requirements when it come to particular country's regulations and laws.

Negatives:

1. Much higher risk for investors,
2. Scam ICO / quality projects ICO very hard to identify,
3. Govs can influence the legislations, and stop the whole ICO, while it is still lasts....
4. No investor's guarantees - if something goes wrong, investors have nowhere to go, and can't complain, and try to get their money back.