Well it is OP and yet it isn't. It is a risk vs reward craft. Icaras is almost perfectly optimized for frequent barrel rollers (like myself!) but how one deals with the low shield strength is really where the extra skill is needed. For speed laps and TT's, yes; Icaras is a bit OP. But that is different that a race setting.
You are correct Cipher when you say that people assume that they'll fly better with Icaras. I like to think that I've mastered the Icaras personally, and when I see a bunch of Icaras ships in a lobby, I know that a lot of pilots are just using it because of the handling stats and the speed stats without truly knowing the full potential. The HD version rolls slightly faster and is easier to get certain rolls than the Fury counterpart. It also is a stiffer ride making ideal lines a little easier which is the hidden stats for the Icaras. The same is true for Piranha. The HD rolls much faster, and gets more air because it is lighter.
But DAMN if the Harimau Fury isn't the sexiest ship to fly. No question there. The only other ship that I personally find almost as sexy is the HD Piranha.
Once again, it is really the pilot skill that is the most important aspect of it. I have no need for weapons, and I absorb everything to roll instead. Which is in my opinion, the way to master the Icaras. It seems like the perfect Green Racing ship. I either win or get destroyered in Flash and Venom.