Bought mine on release day in Atlanta and have been clocked at 1.2GHz on all the ICS leaks. Wife's Bionic is the same way.
Not sure I understand the theory about Bionic CPUs having failed the stability test for the Razr. If that were the case, then none of them should be stable @ 1.2GHz, no? Otherwise they would have been used in a Razr instead.
My money is on the theory that the upgrade performs a stability (or possibly heat) test prior to first booting into ICS, and clocks the CPU based on the results. Either that or it's just some kind of glitch.