I have to admit, as someone who is into quads (and embedded software) my first thought was that it would be cheaper to buy a $35-60 CC3D or knock-off dedicated APM module and then just add a Raspberry Pi to the quad as a separate unit. Having the two communicate is a bit more complicated but totally doable via serial if you're willing to hack on APM or OpenPilot code and a lot of the use-cases people are bandying about don't actually need the two units to communicate anyway.
It is certainly an interesting project, though personally I'd be more apt to buy/build a BeagleBone Black cape to achieve this sort of thing over a Raspberry Pi board.
What advantages would the raspi have in streaming HD video over LTE that strapping last years android phone to the drone wouldn't give me?
When LTE is not available you can use long range wifi.