Christhor on 31 July 2009
Alright so I gave it a quick search on google and I was wrong. Ueda's interpretation wasn't that ICO *ICO spoilers lalz* dies it was that ICO is still in the boat dreaming. Yorda couldn't possibly leave the castle so odds are that she's dead. Why I find it sad, or rather moving? It's because ICO leaves without Yorda and you can see the whole castle falling apart, and to top it of is the song that is played during the ending/credits. I found it sad even before the credits was over.
SotC however, while a very sad ending. With him trying to reach the girl (forgot her name) while in his demon form. But Argro came back, the girl came back to life and Wander was reborn. So yaay, happy ending 
