You might consider an admix such as Hycrete that makes the concrete hydrophobic, but any discontinuities, cracks, honeycomb, etc. will be weak spots. With ICF, you will never know the weak spots are there, however. <
http://www.hycrete.com/> It is also a green product with Cradle to Cradle credentials. There are other hydrophobic admixtures and surface treatments, too.
If you are after a WATERPROOF STRUCTURE, then you should think about conventional cast in situ walls with waterstop between the wall and footing and possibly the slab, using a hydrophobic admix. The devil is in the details...no cold joints, etc. This approach requires near perfect QC and technique. Accordingly, being able to visbly inspect the walls is important.
Just because you have a slab on grade does not mean you are immune from water problems. Good surface grading and proper footing drainage are your best defense.
Bruce