This is a very early experimental project, requires wiping your nexus 7, the performance will not be good and it doesn't have a tablet interface, so it's for testers/devs rather than normal users at this stage:

http://webcache.googleusercontent.com/search?q=cache:http://...

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.