There’s a rumour circulating that Ubuntu is in discussions with Microsoft aimed at an agreement along the lines they have concluded recently with Linspire, Xandros, Novell etc. Unfortunately, some speculation in the media (thoroughly and elegantly debunked in the blogosphere but not before the damage was done) posited that “Ubuntu might be next”.
For the record, let me state my position, and I think this is also roughly the position of Canonical and the Ubuntu Community Council though I haven’t caucused with the CC on this specifically.