Let me tell you from my personal experience with ICC (a feature I am in love with) it will stop you if someone cuts you off, or slams on there brakes. I was in an M35 testing the system operation and was driving in the DC metro area and was cut off the best Honda Civic driver ever. The car proceeded to do exactly what it should have and initiated a near panic stop which was perfect for the situation. The 09FX with tech package and ICC has Zero Speed cruise which can be used in traffic situations, I have yet to try this but some of the people I have spoken with enjoy this feature. Personally I am not willing to find traffic when I do not need to be in it just to test a theory. Frontal collision avoidance is another interesting feature that really does an impressive job at altering the driver to a rapidly approaching object detected by the ICC sensor, when the system is activated. This system vibrates and pushed against the throttle and has several audible tones and flashing lights.
The EX has preview braking which maybe something you are experiencing in the abrupt highway situation you are describing. The ICC is limited to a normal driving situation and is not autopilot extreme cases, like the one you are describing, are beyond the capabilities of the ICC but that is what Preview braking is designed for. The car will do everything it can to keep you and your passengers safe, if the ICC is engaged and a sudden stop is required the ABS actuator will apply the brakes to slow to about 20mph, where an audible tone and sudden jerking feeling will alert you.
When discussing this system you really need to understand the limitations of the Cruise Control laser unit that uses a Dopplar type pinging to detect upcoming vehicles. The basic system has been used by Infiniti since 2002 with little changes here and there but the basic theory and operating characteristics are pretty much the same as they were 6 years ago. I've taken one of these apart a while ago and it is a very interesting device. There is a two segment Fresnal lens with an electromagnet that oscillates the lens back and forth that both increases the operating output and detection range. The system works well but it is limited, check out (
http://www.nicoclub.com/FSM/EX/2008/CCS.pdf CCS-100)