Slated to go on sale next week, the first ever official Ubuntu phone will be a variant of something called the bq Aquarius E4.5. And you haven't heard of it for good reason; it's got a 540 x 960 screen, 1GB of RAM, an 8 MP rear camera and a 1.3Ghz processor. Which is to say "meeeeeeh." It'll probably retail for around $200. It's a far cry from the Ubuntu Edge; Canonical's would-be computer/phone flagship that wasn't.
Furthermore, this release is going to be super duper limited. It's only in Europe, and only through a series of online flash sales. Basically, it's taking pages from the OnePlus One book, except without being a really great piece of hardware, or running an operating system that's already fully mature.
Ubuntu will launch with support for must-have apps like Facebook, Twitter, and Amazon, and since Ubuntu's apps are actually just HTML5 apps with a new set of clothes, making them shouldn't be hard. But big features that were floated in the high and heady IndieGogo days—like being able to use your phone as a literal computer, or being able to run Ubuntu over the top of Android—are nowhere to be found.