Interesting thought, Todd.
I think that an acquisition of any ICO company will be where the difference between tokens and stocks really show.
As the tokens aren’t actually equity, the holders wouldn’t be legally protected from the acquiring company — whether the later would pay them off for a nominal fee (not reflecting the acquisition price) or shunned them completely (as they aren’t contractually obliged to cover them*) would remain to be seen.
*I double checked on the whitepaper and there was nothing covering M&A but I haven’t seen the ICO agreement itself. I’m open to correction, but my belief is that this wouldn’t be mentioned there either.