I would probably favor creating something brand new, but the Ubuntu name could be leveraged when selling the convergence features of the OS, such as using the phone to drive a PC monitor, keyboard and mouse.
If the name was totally changed, I would imagine the need to move away from the Unity desktop environment for the desktop element.
If the project is eventually a success, would you imagine it would be reinstated as an official Ubuntu project, or would you rather branch out into your own thing due to their lack of faith?
Do we feel close to the Ubuntu community, or abandoned? Do we feel a strong tie to their brand, ethic and development style, or do we want to found something new and unique to maybe inject a bit of excitement into the mobile operating system space?
Or maybe make it so that the OS can be branded by the OEM, like Sailfish is doing?