What are your thoughts in using this as...
What are your thoughts in using this as an ice climbing pack?
It would work fine, but it is designed for backcountry ski and not for ice tools... My friend is using the Osprey Mutant 38 and that pack is working perfectly for him. It is a little more streamlined and light weight. Two cool features--the hip belt has ice screw holsters built in and the ice tool holders are the cleanest design on the market.
Also the Osprey Variant 37 has been the staple for alpine climbing for years and is a more fully-featured pack whereas the Mutant 38 is the less featured, lighter-weight option.