This means that most devices which already has a open-source Android-implementation (like AOSP or Cyanogenmod) can easily have the Android user-land ripped out and Ubuntu thrown in on top instead. Right now that is a shitload of devices.
As far as that makes Ubuntu its "own" OS or not might be a interesting discussion (1), but it's definitely a pragmatic solution and has clearly paid off with regard to getting a product to market.
(1) The same discussion can clearly be had for Android vs Linux. (2)
(2) Which in retrospect gives us the interesting case of a standard Linux (Ubuntu touch) built on top of a non-standard Linux (Android) to emulate a standard Linux (Ubuntu) in the first place. Turtles all the way down :)