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hook_date_ical_html_alter(), which will let other modules alter the HTML of the iCal view mode of an entity (the "Description") before it gets converted to plaintext on its way to being rendered in an iCal feed. You can also alter the Summary with this hook.
Because of how drupal_html_to_text() works, using this hook to wrap
<p> tags around your fields will allow you to split them onto separate lines in the iCal feed.