Another "bad" IPO in my opinion. It continues the trend of "hidden" premines that you have to read the small print to find out about, and as someone else pointed out, the price seems awfully high for the target total supply. I'm not sure about that supply though, couldn't quickly confirm the numbers on that.

About the premines, for those who didn't read the fine print, there are three distinct premine pots: the first goes to the IPO backers, the second goes to early contributors (developers), and the third will go to the Ethereum Foundation.

So we have the IPO pot, which is proportional to the BTC received in the IPO. Then we have the dev premine for Butalik and the other devs, which will be equivalent to 9.9% of the BTC donations, you can think of this as a personal bonus I guess. Finally there's the pot for the Ethereum Foundation, which will also be equivalent to 9.9% of the BTD donations.

So the Ethereum team will have the BTC donations, then the devs will have Ether worth 9.9% of those donations, and the foundation will also have Ether worth 9.9% of those donations.

It's the equivalent of I3 adding 19.8% of the 2 billion BTSX on top of the 2 billion, then giving it to themselves. Doesn't seem fair to me.

On top of all this there's an inflation target of 26% per year through mining. I'm not sure what the current inflation is for BTC, but 26% seems high to me.