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Special Purpose Acquisition Companies (SPACs): How Sound of an Investment?

One would think the warrants would give more bang for the buck, and this is often true (look, for instance, at BULKW or HAV/ws. Many of the Amex warrants currently traded are trading at a premium
(my current favorite is OKN, whose warrants have gone from .70 to a buck in the past two weeks).
But...as pointed out in the article above, an unsuccessful SPAC can produce worthless warrants. Recent example: Cold Spring Capital, whose warrants traded around half a buck, but are now worthless.