I found a nice article about Guide to Install ICS as well as root Sony Arch S, Ray, and Neo V. This article covers on how to upgrade to ICS (Ice Cream Sandwich) 4.0.3, Build number 4.1.A.0.562 for several Sony phones (Arch S, Ray, and Neo V).
For now, Sony is still working to push the ICS update globally, but it will take some time before it reaches your country. So far, they are still pushing the updates to people in Nordic area. Other area such as America, Australia, and Asia are still waiting for the official updates from Sony. If you live in these continent, but still wanted to upgrade now, you can use the above article to download the latest firmware and performing manual upgrade (don't forget to back up first).
For those who wishes to see what others have said about ICS update, please see this thread. Remember, each person will have different opinion, but i guess we can see the overall opinion after looking all the comments there.
Please note that any damage caused by any activities related with upgrading and/or rooting your phone is your own risk, not the author or me :)