The reason i am doing it, is to smooth out any wrinkles on my face. Not that i have many, one or two, but the ice cold water completes smooths out the skin.
I found out accidentally, that it treated a very mild case of inflammation in the ear i had, for over a year.
I probably had the same inflammation 6 years back, and i was in a lot of pain. I went to see a doctor, and he didn't want to prescribe any antibiotics, because the antibiotics for the ear are the strongest of all, due to poor blood circulation around the ear. Anyway, i convinced him for the contrary and he prescribed the antibiotics, 3 days later my ears were working properly again.
The last year however, a similar inflammation on the same spot appeared, but very mild. Almost no pain at all. Just a very small discomfort in the area sometimes. Well the ice cold water for an hour, it treats it completely every time.
The reason i am doing it however, is to smooth out the skin. That's a lot more important.