Ripdev Releases ICY an alternative to Cydia but Cydia Still on top
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Jay Freeman aka Saurik Cleared things up in one of the comments and I agree, I have tested this and it actually is a living hell for the user also jay 
thanks for the heads up about it ignoring conflicts.. Something bad coulda happened. Below is what Saurik had to say about it and I have also found and had these exact same problems people are posting.
“One thing that should be noted: they decided to reimplement APT, and they didn’t reimplement it well. They only support package dependencies, for example: they ignore any information on conflicts. The sad part of this whole thing is that Icy, like Installer, is something that users occasionally find interesting for some reason or another, but which makes the lives of the people running the repositories where you get your software, and the developers they work with, a living hell.”
PROS:
- Simple interface
- Installing process looks VERY cool.
- Automatically imports all sources/settings from cydia.
- Shows version number in package list.
CONS:
- Must refresh sources manually.
- No way to hide command line sources (Makes going through installed packages section very difficult)
- Search function does not work after installing packages.
- Kinda hard to read.
- Slow launch times.
- No way to queue packages like in cydia.
- Updating sources is INCREDIBLY slow.
- Crashes, and reboots (not resprings) your phone.
- While uninstalling, it tells you that it’s removing essential system components.
- If you have the ripdev source added to cydia, Icy always shows up as an available upgrade, even if it’s not installed.
In the end stick with cydia because it is a lot safer and you get the cydia store 
and look above, who wants an app that has more cons the pros…. I know I don’t.
Only a few hours ago we were wondering what was the app in the mysterious video on youtube. Now we have an answer from RipDev, the developers who created Installer app, through their blog: “Icy is our take on the freeware package manager that uses APT repositories to install and remove packages available in another free iPhone installer application, Cydia. The goal was to create a fast, lightweight and more slick solution that is easy and cool to use.”
Icy works in landscape, following the trend enstablished by 3.0 upcoming iPhone firmware, and it is extremely reactive, even at the first startup, when it imports all your Cydia sources and installed packages. Sources autorefresh is now manual.
Icy works well (remember, it uses only Cydia compatible sources), but it misses a “Changes” tab: RipDev is planning to introduce it in the next 1.1 update, along a with dependency graph for the packages and other things.
The app will be available on iSpazio’s repository, at the moment you could find it adding to Cydia RipDev’s repo: http://apt.ripdev.com
news via ispazio. If any of you guys try this let me know how it works. Thanks
March 29th, 2009 at 7:03 pm
One thing that should be noted: they decided to reimplement APT, and they didn't reimplement it well. They only support package dependencies, for example: they ignore any information on conflicts. The sad part of this whole thing is that Icy, like Installer, is something that users occasionally find interesting for some reason or another, but which makes the lives of the people running the repositories where you get your software, and the developers they work with, a living hell.
March 29th, 2009 at 7:44 pm
Yes saurik, I have tried it and it is very unstable. It is garbage I will warn other people.
March 30th, 2009 at 12:13 pm
The best thing about Cydia is that "Changes" tab.
About Queue packages: Cydia has just had that a few days ago. Yesterday I tried to install about 20 packages at the same time, Cydia downloaded them and after installing 10 packages, it crashed and threw me to the Springboard. I launched it again and went to Manage, it showed that all those package are installed, but there was no sign of them. I tried to reinstalled a few times but it didn't get any better. Have any idea about this, guys?
August 2nd, 2009 at 10:44 pm
My situation is rather unique in that I'm unable to use Cydia for accessibility reasons. Unfortunately, Cydia does not work with VoiceOver, the screen reading app for th the blind on the 3GS. Icy, on the other hand, is incredibly accessible, however, it seems to have many issues. First, I often get strange errors returned from dpkg, often can't find apps which I know are listed in Cydia and a few times now, have seen the phone just reboot for the heck of it. I seriously hope Icy improves, or that Cydia becomes accessible as for blind users, it's a real pain to install any apps including ultrasn0w and OpenSSH.
May 5th, 2010 at 1:55 pm
I also am a blind user and can not use either Cydia or Rock. I hope that Icy has improved somewhat, as I really would like to be able to install my own apps, not have someone do it for me.