I think it's very cool, but it will be several years before their concept is fully realized. I really like the idea of my phone being the guts of my computer with ways to change the form factor (adding a monitor, keyboard and mouse), but I think it will take some (aka a lot) of work getting a standard dock form factor to catch on. Unless you can guarantee that all phones will dock the same way I don't think it will be all that easy to get this type of system to really catch on.
It's interesting watching people go from expanding the number of gadgets they have to consolidating them. Smart phones have been gobbling up the need for other gadgets for a while now. They've replaced cameras, PDA's, music players and GPS systems. Then tablets came along and they seemed to work together with your PC/laptop and phone. Now Ubuntu is looking to consolidate your PC/laptop and your phone. Will they go after tablets next so you just carry around your one computing device and plug it into different form factors? They seem to be starting with the software side (not surprising since they're a software company) and showing that you can change software to the form factor. Now they just need the hardware to allow different, universal form factors to be easily swapped out. I'm not super confident they'll be the ones to accomplish that, there's a good chance Apple will get it right before they do, but I'm glad someone is brave enough to push this type of computing now.
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