Motorola's schedule gave a broad Q2 target for the Ice Cream Sandwich update for the Motorola RAZR. People from the DroidRzr forums have reported that they've received a test update from Motorola, one was even kind enough to share the update with the rest.
The update has a build version 6.14.75.XT912 and brings the Android version to 4.0.3. It will be available for all Motorola RAZR, RAZR MAXX and units (which have the same hardware besides the battery), as soon as the testing is complete.
The testing is done by select users - members of the Motorola Feedback network - to make sure everything will go smoothly with the public release. It's not clear how long this testing will take (it depends on the number of bugs found), but there's a possibility that users will be able to install the update through unofficial means.
The firmware was available for download shortly, but was later pulled because there are problems with sideloading it. You can keep an eye on the forum thread for resolutions to the problem.
Besides the jump to the latest major Android version, Motorola RAZR owners can look forward to a completely reworked user interface, including an updated webtop UI. The radio firmware has been updated too.
Here's the forum thread in question, where you can read up on people's impressions and ask questions.
Source: gsm arena