It seems Samsung has decided to give a consolation update to Galaxy S users, not the full Ice Cream Sandwich update. It was reported yesterday that Samsung was looking to fit ICS on Galaxy S, but according to them they were not able to do so because of low RAM on the device.
So now, company has planned to offer select features of Android 4.0 to Galaxy S as part of a value pack update, which will include improvements in multitasking, web browsing, camera app, more widgets, and video recording. But features like Face Unlock, Android Beam and others will not make their way to Galaxy S.
The final decision on which ICS components will make its way to Galaxy S, is yet to be taken. This value update also needs to be approved from Google for implementation on the phone, as a pseudo-update might create several issues on the device.
We are actively following the news and will update the post in case of any follow-up.
Update: An XDA user, who speaks Korean, has confirmed that “Value Pack” is supposed to be ICS-based, but without certain features.