Every ice based skill works the same way in old style servers, it cannot really be modified at this version.
1st: It does slow normally too, however since basicly every1 running around with over 500 resists, it hardly ever works if you have speed pot / swift / lightfeet on already.
2nd: On the other hand it prevent ppl with 100% chance to use speed pots / lightfeet etc IF they were "iced" before putting on any of those. Tho in this case, they aren't "slowed" they are just forced to running around w/o swift /// speed pot /// lightfeet until they cure themselves and use 1 of them.
(Same goes for sin's 72 skill /// archer's 62, even if they aren't slowing you, if you are a sin/archer + having lightfeet on, once the ice's effect ends faster than your lightfeet, then you will be w/o lightfeet until it reload)
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