Hi Scott,
Thanks for the interest in the iCal importer. We are still working on it and not sure when it will be released.
Where did you see we mention it as a feature? That is incorrect and I would like to remove it.
I do know we list the exporter as a feature: iCal & Gcal Export
And on the Events Calendar Product Page there is a Import/Export section, but it lists the CSV Importer and then Export as iCal.
Let me know if you have any follow up questions.
Thanks