Now not exactly sure what this means , seems more of a mid course action from Sammy so that it can defend itself from angry SGS users while still limiting ICS to its rather latest lineup promoting more sales...No ICS it is as far as reports go till now

[UPDATE]
Galaxy S And Tab Will Probably Get Ice Cream Sandwich “Lite”December 28, 2011 By: Livven
Update: reader msgfromside3, who speaks Korean, pointed out that the “Value Pack” is supposed to be ICS-based. So both Galaxy S and Tab will almost definitely get Android 4.0 Ice Cream Sandwich, but with some (not all) TouchWiz-specific features removed.
The article also mentions that Samsung considered porting ICS plus full TouchWiz, without providing end-user support, but decided against it for fear of customer complaints.
Big thanks to msgfromside3 for the clarification!
Original article below:
After first denying, then reviewing an Ice Cream Sandwich update for the Galaxy S and Galaxy Tab, Samsung is now said to be providing a “Value Pack”, according to Korean website Daum (via Unwired View).
The value pack would presumably include some Android 4.0-like features, such as enhanced multitasking, faster web browsing, new widgets, and improved camera, but on top of Android 2.3 Gingerbread.
In the report, Samsung said that, due to the limited amount of RAM available, an Android 4.0 version wouldn’t be able to include all TouchWiz features. With previously available features removed, customers would be dissatisfied, which is why it has now instead opted for another Gingerbread update.
Of course, without being officially confirmed, take all of this with a grain of salt. However, considering Samsung’s track record with their Bada devices, this solution doesn’t seem too unlikely.
But there’s still hope, right?
(
http://www.xda-developers.com/android/galaxy-s-and-tab-getting-value-pack-instead-of-ice-cream-sandwich/)
(
http://techie-buzz.com/mobile-news/samsung-galaxy-s-to-get-a-value-pack-update-instead-of-ice-cream-sandwich-update.html)