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I've not tried it as yet but IMHO it seems to be "Yet Another Debian Derivative" like UserLinux and Progeny.  I will be playing with it as soon as I receive my CD's (bottom of this email for link)

>From their announcement:

Some of you may remember us from our previous announcement and
communications related to the website www.no-name-yet.com.  Before we get to
the good stuff, I'm pleased to announce that we are nameless no more... the
name of our distribution will be "Ubuntu" (read below for details) and the
company supporting the project is Canonical Ltd.

Ubuntu is a new Linux distribution that brings together the breadth of
Debian with a focused selection of packages, regular releases (every six
months) and a commitment to 18 months of security and technical support for
every release.

This message is to announce Ubuntu's first public release:

      Ubuntu 4.10 Preview (codenamed the Warty Warthog -- or just "warty")

Warty Warthog Features

    * Simple and FAST Installation
            Ubuntu comes on one single CD, with thousands of extra packages
available online. The install is optimised for speed and simplicity. Ubuntu
has excellent support for laptops (both x86 based and Powerbook / iBook PPC
based), and can also be setup in a minimalist server configuration. 

    * GNOME 2.8
            Ubuntu is the first distribution to ship Gnome 2.8, on the day
of its release - be the first on your street to try it out! 

    * Firefox 0.9
            We plan to include Firefox 1.0 for the gold release of Warty
Warthog in October. 

    * First class productivity software
            Evolution 2.0 and OpenOffice.org 1.1.2 

    * XFree86 4.3 with improved hardware support
            Our XFree86 packages have been updated to support plenty of new
hardware. We also have worked hard to detect as much hardware as possible,
simplifying the X install considerably. We plan to ship X.org with our next
release, due in April 2005. 

**********
probably the most interesting of the announcement is this:

Last but not least, we will gladly ship you a few CDs of Ubuntu at no cost
when Warty Warthog is released -- we expect that by the end of October. To
receive a complimentary copy of the Warty Warthog release on CD -- or a
handful to give to your friends or LUG register online at:

      <a  rel="nofollow" href="http://shipit.ubuntulinux.org/";>http://shipit.ubuntulinux.org/</a> 

-- 
Preston


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