The new design of the ICS cartridge, now called 6.5×50 ICS, is shorter but fatter than the earlier design. It is comparable to the 6.5 Creedmoor case, except with less room for powder. I estimate that the capacity of the case will be in the range of 37 to 39 grains of powder, and that it will hold about 13% less powder than the 6.5 Creedmoor (which tops out at 44 to 45 grains). So the 6.5×50 ICS is like a skinny 6.5 Creedmoor. The velocity will be lower, but so will the recoil. And the narrower case should allow for magazines in an AR-10 style rifle with about 25 rounds.
6.5×50 ICS velocity estimates from a 16″ barrel:
107 grain bullet at 2750 fps
123 grain bullet at 2600 fps
130 grain bullet at 2500 fps
I think that hand loaders could easily find max loads that exceed the above values. But those numbers are perhaps viable even for commercial ammo.
At those velocities, the best bullets at each weight would remain effective out to 800+ meters. So this cartridge is a viable candidate for a GPC (general purpose cartridge). It also would be effective as a hunting cartridge with modest recoil and sufficient Sectional Density and Velocity.