I am not sure about Gingerbread power consumption. It seems to work in the sense that it does draw significantly less than its active power. However I cannot use it because I need the 5mW or less power consumption requirement during sleep. Hence why I went to ICS.
It turns out the culprit to the ICS power consumption bug was the NON wifi module version. I figured this out by monitoring the serial debug ports. It turns out the ICS software was searching for the bluetooth and wifi module and hence it never properly went to sleep. Once I replace the SOM with the wifi+bluetooth SOM, everything performed as expected.
I also enable the low power sleep option in the init.logic.rc file to further push power consumption down. All in all, I was able to get it to what I wanted. ~5mW during sleep.
So the simple solution is to use the wifi Torpedo module. I will have to look further to figure out how to turn this "searching for module off" for the non wifi version.