Xperia Play, the PlayStation certified phone-cum-console, is unlikely to receive a ICS update from Sony. The Xperia ICS update sheet indicates the Xperia devices that are likely to get the ICS update but this precludes the Xperia Play which conclusively proves that the device won’t be getting the update at all. The Xperia Play game pad cannot be built into the Sony ICS framework which makes the Xperia Play incompatible with the official Sony ICS update.
Update: Sony Mobile has confirmed on their official blog today after extensive testing that Xperia Play will not be able to offer consistent and stable experience, particularly with gaming. Bad news for those owning such devices.
In regards to Xperia PLAY, after extensive in house testing with our developer teams and working with our partners, we have concluded that a consistent and stable experience, particularly with gaming, cannot be guaranteed for this smartphone on Ice Cream Sandwich – therefore, we will not make the Android 4.0 upgrade available for Xperia PLAY.
source Sony via Xperia Gamer