I've moved from Nexus One to a Nexus S and all the paid and free apps that were on my phone at the time transferred over with no problem, also transferred over all my wifi settings too.
Brett
Yeah, it did that when I got the Nexus S also.
To the OP, it may not download al of your apps but, you can go to the Android market online, sign in with your Google account and, download the rest manually. The Android market it kind of tricky because, sometime it will not show all your apps and, I can't remember if it's the paid or free ones. I think I had to search and install a few paid ones also.
It used to do everything but, it seems like since I got the Xoom, it hasn't been the same.
If you use any of the Motoblur apps like car navigation you will have to download car home the stock Google app. In fact I'm not even sure car home works with ICS. This is what I hate about this wait, there are a lot of unknowns.