I noticed problem with unescaping string "\N" in DESCRIPTION property of iCalendar source. Problem is that it was not unescaped.
If \n or \N appears in TEXT properties it should be interpreted as newline when parsing iCalendar source.
Now only \n is correcty interpreted.
I think the correction shold be made in class net.fortuna.ical4j.util.Strings in
private static final Pattern UNESCAPE_NEWLINE_PATTERN = Pattern.compile("(?<!\\\\)\\\\n");
It should be "(?<!\\\\)\\\\[nN]".
Tested in 1.0.4 release.