Developers will be able to develop native apps for the device using QML or port over any web based HTML5 type application to the platform. There doesn't seem to be any mention of a mobile store just yet but we hope that comes pretty quickly because having a centralized location to get apps safely is integral to the success of any mobile platform. They state that major game devs like EA and Valve are coming, which says something for the power of the movement.
Okay, now for the crazy part! Ubuntu can be installed onto an existing Android phone, and runs along side Android OS in a coherency type of arrangement. So whatever Android does, Ubuntu does (in a way). For example, when the device is docked it is running Ubuntu and can be used like a desktop (monitor, keyboard and all) - with access to Android features and phone at the same time - very cool!
This is an awesome achievement for Ubuntu and a leap forward in mobile technologies for sure. We are excited to see this evolve.