I would like to see an Ubuntu machine with the following characteristics:
iPhone form factor.
USB 3.0 port(s) both for charging, and for docking with an honest to goodness keyboard, monitor, mouse, speakers, and gamepad.
A powerful Field-programmable gate array that can emulate any modern multi-core CPU/GPU/chipset/soundcard combination popular up to say 3 years ago, capable of running any OS currently on the market, including a new custom Ubuntu*.
unencumbered wifi, an integrated webcam (on the same side as the screen!), and speex and h.264 hardware acceleration built in, and a pidgin plugin to connect p2p automagically over any network already available (MySpace, MSN, AIM, Yahoo, Gmail, ICQ, IRC, etc.) for VOIP, video chat, high speed file xfr, VNC, and automatic speech to text to babelfish to text to speech capabilities.
Tom Tom like GPS capabilities.
A microSD slot.
a mode of ad-hoc wifi on by default that can leap frog phone to phone until it finds an internet connection from any location near a likewise enabled phone, thereby extending wifi service, VOIP, VidChat, VNC, and file xfr to any phone in range of a phone in range of a phone in range of a phone in range of a wifi router.
*The New Custom Ubuntu
Will act exactly like an iphone (but with better GPS, ie TOM TOM level usage) when in phone mode (but with no DRM, all based on FOSS), but also have real time VNC capabilities to and from any other machine connected to the internet, having the touchscreen act as the mouse cursor in that mode.