I don't see the big deal here with it getting ICS. Heck, it may have it's own issues to contend with when it makes the move. (I still remember the jump the Droid X made to Gingerbread and the problems it had as a result). We don't even know if it's actually going to be 4.0.4.
I just think it's so inane to care about whether one device gets a ".x" release before another, especially when said update is not coming from Google but Motorola (in this case). Yes, there's the merger but I doubt they are sharing any significant amount of development resources between the Android and Moto teams as of yet. That kind of integration (which even Google says won't happen) typically takes a long time to complete.
Now if Google were developing and releasing updates to Motorola phones before their own Nexus phones, then I can understand the outrage. But as far as we know, that's not the case.