According to the official Android 4.0 hardware requirements at http://static.googleuserconten......0-cdd.pdf :
"Device implementations MUST have at least 340MB of memory available to the kernel and userspace. The 340MB MUST be in addition to any memory dedicated to hardware components such as radio, video, and so on that is not under the kernel's control."
Why do people keep trying to violate the laws of physics in light of such cold, hard facts? Just because you can boot an environment doesn't mean it's usable. Anyone who has tried to run ICS on devices more than about 18 months old with more CPU and RAM resources than the Pi has (not to mention a built-in touchscreen, WiFi, Bluetooth, GPS, etc.) knows how much of a waste of time and effort that is.
The best things in life aren't things ... but, a Pi comes pretty darned close!
"Education is not the filling of a pail, but the lighting of a fire." -- W.B. Yeats
In theory, theory & practice are the same - in practice, they aren't!!!