Look again. The app drawer is still mostly alphabetic, except for new and downloaded apps which are placed at the end of the list by default.
And there is a new option in the apps drawer. Tap the upper right Menu option, tap View Type, and you can choose between the default "customizable" or "alphabetic" choices. With default customizable set, you can choose to "edit" the list and move apps around to your liking and preferred order, grouping apps if you wish with automatic movement of app icons so you can drag them wherever you want. And of course alphabetic does its thing. ICS remembers your choices too, so if you switch back and forth, it sorts based on last known configured order.
I find ICS is
MUCH better than HC, by a long shot.