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RE: Tried to get into the Arise ICO; their website and email are both broken!
Especially for utility tokens I would also look for possibilities of the company to stop using the token. If I have a super nice business service that everybody want to use it does not help me if they can just start accepting ETH instead of their original token at a later stage.
The support rep sounded defensive when he said they weren't working on an ERC-20 token, it's its own cryptocurrency. (I hadn't said Ethereum token, I just said "token code".)
Be that as it may, your observation is exactly correct: one scenario could be -- they are taking ETH in, and can abandon their poorly-coded cryptocurrency without any risk, even if it is poorly coded and their wallets even leak -- because they're not putting anything into those wallets. The ETH goes into their fast cars and nosebleeds.
Note that this is pure speculation, I know very little about this company other than having gotten a newsletter mentioning it, and remembering having seen it discussed here somewhere, or one of the coin news sites I read, and so figured I'd put the minimum in and see what happens.
Didn't think I'd get a post out of the experience! :)