It's funny because the origins of Ubuntu One were a clear attempt at getting some SAAS money. Finding revenue streams has always been an issue for Linux distributions, especially consumer-oriented ones like Ubuntu, and UbuntuOne was yet another stab at the problem. Then they found that it's hard to compete in SAAS against giants like Microsoft and Google, where that sort of service is often a commodity driving profits in other areas. Focused companies like Dropbox can do it, but if your focus is elsewhere, then you don't have a chance.
I wonder what they'll try next.