According to Samsung's announcement, the phone and tablet lack sufficient RAM and ROM to run the new OS alongside TouchWiz and other “experience-enhancing” software.
Disappointing news for 10 million Galaxy S users out there - especially if you stop and think about the fact that the processor and memory specs of the Galaxy S are pretty much the same as the ICS-toting Nexus S.
Samsung skirts that issue by pointing to the fact that the Galaxy S has to run TouchWiz, carrier services, video calling software, and, in some markets, mobile TV. By comparison, the Nexus S just runs the Android OS alone. Sorry, Galaxy S users: you're out of luck.