Hi Ray and good question!
You’re right–there is an iCal address for The Events Calendar right out of the box, but the data in it is static to the extent that it is not pushing updating information out to calendars that subscribe to it. RSS is likely your best bet for the time being as far as communication from The Events Calendar to another calendar, whereas our iCal Importer is great for the other way around: another calendar into The Events Calendar.
Does this help answer your question? Please let me know. 🙂
Geoff