I led the team that shipped this image, and I'm pretty proud of what we did. A few thoughts about our goals for this release.
The entire point of Ubuntu core on the Nexus 7 is to highlight our desktop's performance and resource issues. We know we're way too fat in terms of memory consumption, CPU usage, disk footprint, etc. and now we have a convenient developer platform that folks can use to help us optimize our core in preparation for a future world where mobile dominates. (nb, I've been calling it Ubuntu Pilates)
The great thing about Ubuntu on the Nexus 7 is that it finally provides a convenient, cheap, ARM platform where all the standard Linux tools work. Believe me, I've hacked on pandas, rpis, etc. and for what we're trying to do here, the Nexus 7 is so much easier to develop on.
And if I may insert some editorial, I often see the HN crowd complain about Apple's developer policies, working around strange bugs in their black box APIs, etc. This is your chance to help build out an open platform. I'm not saying our APIs are better (in fact, they tend to be less well thought out than Apple's), but at least you have a chance to help improve things in the platform, rather than accepting whatever the platform gives you.
In any case, the summary here is that for now, we've got a tight focus on improving our core OS footprint so don't expect that our current UI experience is great (it's not) or that it's a usable replacement for Android (it's not, unless you hook up a USB keyboard/mouse in which case it's just a super cheap, silent terminal).
Every bit that we improve the core OS on the Nexus 7 flows back into the rest of our platform so our desktop and our server gets leaner and faster. To make it painfully obvious, this will help all your Amazon EC2 instances. :)
We'd love to have any help. And stay tuned for more to come.
It might help improve desktop performance though, and provide an alternative truly platform to android for phone manufacturers in time, so an interesting move for Ubuntu.
There are too many big bugs listed here: https://bugs.launchpad.net/ubuntu-nexus7/+bugs
RSS to subscribe to that is http://feeds.launchpad.net/ubuntu-nexus7/latest-bugs.atom
As for the various blog headlines, we obviously don't have control over those.
 Oops, I see you might have been referring to the wiki. Thanks, I cleaned up the wording a bit to say "graphical installer" instead of "one-click installer". Thanks.