Originally Posted by bioweb
I doubt it's equiped with a decent GPU and that's one of the major requirements for running ICS.
No, it's not. ICS can run even without any hardware-acceleration at all.
Chances are it isn't even running Android, there are dozens of Chinese iPhone clones running a simple phone OS with iPhone icons and look.
The MediaTek MTK6573 SoC is a fairly popular chip in use on hundreds of different existing Android-phones, there is no reason why it would suddenly run a non-Android OS on this one.
EDIT: Additional information here.
Its video-playback capabilities are pretty poor and it only supports FWVGA resolutions, but aside from that it even sports a crude 3D-accelerator, and all the usual goodies like FM-radio, GPS, bluetooth, 802.11n, etc.