Forget about Android 4.0.2, which is being rolled out for Google Nexus S handset currently. Google’s Android Team has gone ahead and announced the new version of the Android platform – Android 4.0.3 Ice Cream Sandwich. There is an increase in API level, bumping up to 15. Android 4.0.3 will be rolled out in the coming weeks to existing Android phones. Android 4.0.3 version will be considered as the base version from here on out. This version brings many bug fixes that have been found in the previous builds, along with other optimizations into the package.
Android 4.0.3 ICS version will bring incremental improvements for API calls that will affect database access, spell checking, Bluetooth, and graphics output. Developers will have the ability their social stream data into contacts. So, you will be seeing Facebook and Twitter updates showing in you friends’ contact pages as well.
There will be a new QVGA resolution option for video recording and the apps will now be able to easily set and control video stabilization features. Accessibility refinements. Improved content access for screen readers, new status and error reporting for text-to-speech engines have also ben included in this build. Apps now also able to access more calendar capabilities, such as adding color to events, for easier tracking, and new attendee types and states.
Source: Google Android Developers Blog