Mixed bag from a privacy point of view
Support for do-not-track (same as Safari)
Support for third-party cookie blocking (same as Safari)
Support for ad blocking (unlike Safari)
Support for referer blocking (unlike Safari)
Unfortunately the various privacy settings cannot easily be changed at a single place. The settings are spread across the in-app settings manager, which actually has a privacy sub area, and the global settings manager. (The reason for having two different settings managers is a mystery to me. It took me a long time to become aware of the global one.) Therefore, it is unlikely that non-expert users will become aware and be able to fully exploit the admittedly powerful privacy features of iCab. A redesign of the configuration options in general would be highly appreciated. At this time iCab seems to be mainly targeted at expert users.
CS prof about
iCab Mobile (Web Browser), v6.8.2