Motorola's XOOM "project" turns out to be the Android ICS update indeed, rolling now to select owners13
It turned out indeed the case, but with a few caveats - only those with Google Experience Wi-Fi or 4G LTE XOOMs, which are members of the official Motorola forums and Feedback Network need apply. Oh, and you need to live in the US, too.
Here is the initial statement Moto sent out:
The Motorola XOOM has already been equipped with fairly stable ICS builds via the ROM modding community, so owners are not exactly waiting with baited breath for this "project" to bless all XOOMs, but it's nice to have official options.