I kinda agree with you, that we kinda got cheated with ICS.. I don't think we'll be receiving any updates until ICS comes out, and I'm sorry to say this but I don't think we're going to be getting ICS until 2013. Even though it says Q3 or Q4 on the roster, if everything on the roster went according to plan, we would have had ICS a month ago.
How? No one said anything about any specific timeframe, except for Google. And Google's statement was that it was capable of being ported to all modern devices within 6 months. Not that it WOULD be. Their statement assumed a straight port of the Nexus code with no optimized applications frameworks - just the necessary proprietary hardware drivers. And then, because a Bionic is not a Nexus device, you still have carrier optimizations to add. It all takes time.
In the end, whether or not we got "cheated" remains to be seen. If the ICS release is junk, then we got cheated. If they took the additional time and provide us with a nice, stable, fast OS; then it is worth waiting for.