I have never checked myself but as I heard their civ wide abilities will continuously increase.

There are two versions of this event. The normal one slowly increases two or three abilities over time, while the Mega Event version increases all abilities by +1% per week. The later one can potentially be quite dangerous if left unchecked. However, as it is the weakest race that gets one of these events, the bonuses are usually too little too late. The recipient rarely survives long enough to become a true danger.

Thanks for the suggestion about monitoring their progress via Espionage.  I was building up to a High level of intel and here's where I can begin.  If I see it's getting out of hand I'll have to start planning something or influence the nearby Drengin to go rought them up a bit.  I think if it's a gradual increase in ability the Iconians are just too far behind in money, influence and size to be able to overcome their quadrant of the galaxy let alone the rest of the playing field. I was just afraid there would be some autolose situation in a set amount of time.

Sounds like the Telenath event to me? if it is dont wait too long before you take them out-trust me on that one!