I have serious doubts that Canonical is able to deliver on this: they do not have a history of delivering top-notch software, unless you count their press-releases and boundless enthusiasm as software.
Aside from a few interesting things (upstart being among the few projects adopted outside of Ubuntu), they've basically decided to ignore whatever the rest of the community is doing and implement their own (buggy) stuff which is "better". Canonical's stuff makes GNOME3 look usable. That takes some doing.
Aside from my doubts about their ability, I also find the concept deeply flawed. Cheap support infrastructure does not currently exist for a dockable phone. Sure, you can use it as a desktop, you just need to buy a dock that you carry around, or a dock for every desk you usually use. Sure, you can use it as a phone, you just need a bluetooth headset that you have to keep charged when you're using it as a desktop. Sure, it's dual-boot, it just means that you can't phone or use the desktop when you switch modes. Sure it can do all of the above, but you have no battery life.
People who need to navigate and use their phone a lot tend to have TWO devices: a GPS or built-in satnav an a phone. Convergence is a great idea, but you're going to pay a lot in battery life for all those features. Running out of juice is NOT FUN these days.
It appears Shuttleworth is trying to emulate companies like Apple, Microsoft and Google by doing the opposite of what used to be done in the spirit of Linux. The copyright clause in all Canonical software, Mir, forking GNOME into Unity and the doublespeak pouring out of the community spokesdrones have been in stark contrast to the early days of Debian, Slackware and open culture. Maybe he really believes he's Steve Jobs and Bill Gates reincarnated and rolled into one: I really think he's got the remorselessness of the one and the ruthlessness of the other.
I believe Ubuntu has single-handedly done more to bring down the quality of Linux on the desktop than any other distro.
I believe the reason Ubuntu is so successful is because of marketing. NOT because of technical quality. This is why I believe that the human race is getting stupider every year. Ah well.