Since the ICS update, I've noticed a glitch while trying to edit text at the top of a Google search results screen. In the search results, the search box is at the top of the screen. If I double-tap on a word to change it, the editing menu pops up and covers the text box. See photo.
Haven't seen that issue reported anywhere ... don't know if this will help or not, but have you cleared the system cache since you installed the update?