Here is what I have heard from reliable sources:
Moto was suppose to start testing ICS 4.0.3, it took them a bit longer than they (and Google) thought, and by the time they were ready to start testing 4.0.3, 4.0.4 was provided by Google and they had to start all over again, The expected date for 4.0.4 general availability is mid to end of May.. All Razr models will get the update at around the same time (+/- a week)..
if you count backwards from this time frame, they should be starting a soak test for 4.0.4 in a couple of weeks.