I have to say I'm still more excited about a handheld device using ARM Cortex A8 than a netbook one. Although a netbook with "all-day battery life" will revolutionize the laptop industry as much as, if not more than, the original EeePC did.

EDIT: I'm also glad to see a big, serious effort to port the Ubuntu repositories to ARM, not the small scale, experimental effort of the Mojo team. I'm also really glad to see that they're targeting ARMv5+, which means we're in on the fun!

As I noted in the Mojo Ubuntu thread, once you step away from the hardware support and user experience of the x86 desktop / laptop, and look at the variety of software in the repositories, Ubuntu doesn't have a lot to differentiate itself from Debian Sid at the moment. I suspect they're going to focus on getting this ARM port to be as smooth and simple to install as it is on the x86 desktop, with lots pretty install wizards and good hardware support. That's been their strategy on the desktop, and it's worked to make them really stand out.