In 7.0.2, we got the ability to "subscribe" to iCal calendars - great idea, but the implementation when compared to other calendars left a little to be desired - import only. If the calendar is updated, oh well, you can remove the calendar, or change it's name, but not update ...
as of r7 it is possible to import ical format files (.ics files), however support is limited.
In particular it is not possible to import All day events (those without Start and End times on the same day)
Use Case: Samantha Daryn is a speaker for a conference. There are several calendar events as a speaker such as deadlines for submitting the presentation files and a special presenters-only meet and greet at the conference. The conference site has a link where we can subscribe to these events. When she ...