My understanding is this...
Photon and Electrify 2.3.4 can unlock the bootloader.
Photon 2.3.5 can run something called bootstrap. (There is no legit Photon 2.3.5 from Sprint, but some bleeding-edge MoPho's have flashed 2.3.5 anyway and found themselves in a world of pain.)
Electrify 2.3.5 can do neither. I asked about it here
and as of now 143 people have looked at it but haven't replied... Then again, it's the weekend, but I also asked in a topic about the bootstrap a week ago, and nobody there knew either.
So I think with Electrify 2.3.5 rooting is all you can do.
And that's fine, Electrify is beast anyway.
We're supposed to get official ICS in Q2 2012 (or was it Q3?). I don't know fiscal quarters, but Q1 starts in Spring, I think, so I guess summer or late summer?
I don't care about ICS and I don't see why I should. I change launchers weekly and I'm always rotating software on my phone. I'm more interested in getting the bootloader unlocked, but I don't think Motorola has any plans for that.