The phone looks like Win8 Metro, and the presenter is trying to be Steve Jobs. With the cpu's in phones already being phenomenally fast I see little to no value in removing the java layer. Currently this is vaporware, but should it appear on a phone sometime soon, I just don't see it gaining any marketshare beyond some of the hardcore OSS fans. Real people like an app ecosystem with their latest Angry Birds games and don't much care about any of the technical details.
The "lock screen" is just weird, and the hyperbole spouted by the presenter was downright embarrassing.
It all comes down to the apps. If Google Maps/Gmail/Chrome/Youtube etc all run on it then it might stand a chance, but I don't see further phone market fragmentation as being in anyone's interest.
I do, however, use Ubuntu as my main desktop (2.6.38)