in the early stages of injury, inflammation has a positive role, but particularly in chronic cases (like tendonitis, or training induced inflammation), or after the first 24 hours or so it actually can inhibit healing, because the inflammation can actually limit blood flow. additionally, the psychological effect of injury can inhibit healing as well (i.e. being in pain is stressful, which increases catabolic hormone levels). the numbing effects of ice can mitigate this.
while i think TCM is awesome also think it needs to reconcile itself with modern times. if you think about it, avoiding cold and damp in the old days was just pain smart, if you had to go back and sleep in a drafty shack with a grass thatched roof. people in the old times were already over exposed to the cold and damp.
however, in this day and age, unless you're living on the tibetan plateau or the peruvean andes, chances are your living conditions are more adequate to to compensate for a little exposure to ice.
also, check out the benefits some people experience from ice water bathing (i.e. polar bear club).
basically, though, the research is pretty clear that ice is just plain smart to use in recovery.
personally i'm prone to a lot of inflammation, and nothing knocks out a case of tendonitis like a good ice massage, or a contrast massage like ice then apply heat with some moxa.
but of course, at the end of the day, everybody needs to do what they feel is best for themselves.