It seems Samsung will stand by its original decision after all. However, there will be a slight change as Samsung is thinking of providing a Value Pack to Galaxy S users instead of a full-fledged Android 4.0 update.
Although the phone will stay at Android 2.3, the Value Pack will try to enhance some features like improved web browsing, multi-tasking, new widgets etc. to bring the experience as close as Ice Cream Sandwich.
Samsung earlier this month adopted a similar strategy for its Wave 525 and Wave 533 devices. Instead of offering bada 2.0 to both the devices, Samsung promised to provide a Value Pack upgrade which tries to offer the “same bada 2.0 user experience and service as much as possible despite the hardware limitations.”
Source, Thanks, MianJ!