Jeez, this is still going on (yes, I read the whole. damn. thread.)?
IMO, ice will work for a small motor for a short period of time. Namely, the time it takes for the armature to heat up. After that, you will get some cooling from the magnets. After that, it will fry. This is assuming you're really cranking the amps (e.g. saturating the core, which means you're killing efficiency). If you keep it to a reasonable power draw, then the ice probably won't help much more than air.
The air might be better for bigger motors, since there is too much magnet between the armature and case. On something like a pancake motor (e.g. Etek) air will probably work as well or better than ice, since there is plenty of surface area on the rotor.
However, in the case of a brushless motor where the coils are mounted to the case (like a Kollmorgen), ice will be far superior for as long as it stays ice.
But, as long as you keep power at levels the motor can handle and don't saturate the armature, it probably won't matter much if you use air or ice.
It doesn't really matter, though, because I have an idea that pwns both ice and air. Liquid air 8). Inject some liquid gas (oxymoronic, much?) into a motor. Assuming you don't crack something, it would be nearly impossible to fry the thing. Not nearly as cheap as ice or a small battery and fan, but I'd like to see something that could out-cool liquid N2. (Shut up. I know liquid helium or hydrogen or what have you will out cool it. I was trying to make a point.)