Ice Baths :
* Seems to have no beneficial effect on the structural damage done to the muscle
* Has no effect on perceived soreness (how sore you think you feel) if the athlete is untrained or not used to the exercise that has caused the soreness
* Has a positive effect on perceived soreness if the athlete is highly trained and/or used to the exercise that has caused the soreness
* May reduce strength for at least an hour afterward
Interesting article on the subject from elite fts. Its short! worth a reading