Yeah I was shocked too when I saw that text. Upgraded the firmware to add the backup utility, backed up, then began the download and update.
Everything went well. No problems to speak of. The phone actually seems to work a little faster/smoother and the overhauled UI of ICS is a welcome addition (even if it is last years OS).
Now I'm just going to wait for a new rooting guide for the G300 ICS then I can root and remove all the nasty bloatware/"social networking" dung.