It looks like Motorola is about to release their update for the RAZR in a few weeks, because the ICS ROM for the RAZR has already been leaked. From the looks of it, just like we thought, there haven't been too many deep modifications of Android 4.0, although some of them are plain ridiculous and are there just to be "different".
For example you'll see the Applications button, is on the far right of the screen, instead of the middle. Not only does it look awkward, but I can't see any real reason why they would move it from the center of the screen, like ICS normally has it. It reminds me of when the manufacturers started shuffling the physical buttons around, again probably just to make them look different.
It's a very silly reason, and it only causes confusion for consumers. Android manufacturers need to understand already that this ecosystem works for the benefit of all, and they don't want to tear it apart with their silly differentiation. But again, it doesn't look like Motorola has changed ICS all that much.
It's a little hard to understand everything from the video, but it looks like Motorola categorized the home-screens of the phone so it's easier to create a whole new homescreen with all the apps you'd need from that category like say for "Office". They've also added their smart actions and battery saving features. The leaked ROM still looks like it's in beta, because it doesn't work perfectly and it still has some bugs, but I'm sure Motorola will make it work well before they send the update.
Take a look at the video here, which is in Italian: