Okay. Might be on to something here. I just read up on how the idling system in these cars works, and this is starting to make more sense.
I did a few tests with the ICV.
1) Started the car as usual, it idled fine. I then removed the 2-pin connector for the ICV and the car simply died. No erratic idling, hunting or anything.
2) Started the car with the ICV disconnected, and it started then simply died.
I tried testing the ICV with the car's power by turning the key to position 2 with the ICV in my hand, also with the connector plugged in. I could feel a very very faint vibration from it. I intend to clean it and see if that will make a difference.
HOWEVER, upon further inspection I noticed that the intake hose going from the rubber intake boot in between the air filter and throttle, on the end that connects to the ICV, is cracked.
Here is a picture

This is probably assisting in creating the problem isnt it?