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A Motorola soak test generally indicates that the software has been tested by the manufacturer and is being rolled out to a select few devices for testing. This final phase ensures the software is bug free and ready for public consumption.
A leaked screenshot which accompanied the reports shows the device running Android 4.0.4. We are still not certain if Motorola will extend the ICS courtesy to the other devices like the Motorola Atrix 4G and the Motorola Photon 4G which are also on this list.
source – Android Central