I see.
Just to make sure – I’m not talking about downloading a file – this url works like any other feed in WordPress. If you add that url (ical event feed url) to your Google Calendar it will be used to automatically get it’s content. There are options for this in Google Calendar.
However it does not work like the service you linked above. Can this be achived with EM? Probably, but it would require some (at least) custom coding on your side.
I’d be grateful for a commit :) but don’t have a plan to integrate that in the near future.