It was quite ironic to see that the Xperia X10 got a semi-working Android 4.0 Ice Cream Sandwich port, but there was not even a development thread for 2011 range of Xperia handsets like the Arc, Arc S, and Xperia Play.
Now, FreeXperia, the developers of CM7 for the Sony’s range of Android handsets, have posted an early alpha build of Android 4.0 Ice Cream Sandwich for the Xperia Arc. Even though this is an early build most of the important stuffs like touch screen, audio, GPS, Wi-Fi, Bluetooth and 3D work fine. Sadly, the basic functionality i.e. making phone calls and data along with camera and hotspot are not working.
Since the ROM is still under development and has some major issues, FreeXperia team has not released an alpha build of the ROM. They will release a working alpha Android 4.0 Ice Cream Sandwich ROM for the Xperia Arc only when they solve most of the major bugs. Here is the link to the thread over at XDA forums.
Since the FreeXperia team has managed to get H/W acceleration working on a Qualcomm SoC, their work might also help other HTC handset developers to get H/W acceleration to work on Ice Cream Sandwich for various HTC handsets.
Thanks for the tip @SSaig