I was confused about the camera as well. My understanding was that ICS had ZSL (zero shutter lag) but I think when that was shown for the first time, on the Galaxy Nexus when ICS was launched (I remember watching the stream on Youtube) they showed these great camera features.
I believe these features were part of ICS.
Panoramic, instant picture taking, time lapse and taking a still picture while shooting a video. In the demo they showed a sunset or a beach sceen where they used a GNexus over so many hours taking a time lapse, and it was a very cool looking feature.
One of the first things I checked was how fast I could take rapid pictures... they were very slow, i.e. no change since GB. It was still the same Samsung camera app that I remembered from GB.
My conclusion is either, Samsung overwrote the stock app with their own that has less features, or, what we saw in that demo is limited to the GNexus.
Either way, we do not have it now on 4.0.4.