As one of the designers behind the Moblin interface you can assume that I see it differently. I'd certainly be interested to know who told you that so we can have a full and frank discussion.
Moblin is many things, as you note, there is Moblin Core, this is the thing that you have to be 'compliant' with that's the thing that makes things fast and power friendly. This is a good base for anyone to build a product or distro on. Moblin compliance is sort of like LSB++.
There is also the Moblin interface, which doesn't actually have a name but which I usually refer to as the Netbook UX. People can take this set of code and run it on any distro they like (and they do). This is not a 'toy' or an 'experiment', it's an experience aimed at some very specific scenarios and people (as most comments seem to note, which is cool). If you like it, it makes me happy though.
"Moblin' is the distro that you get from moblin.org which uses the Moblin interface and is Moblin compliant.
The product the grumpy editor reviewed is Ubuntu with the Moblin interface on top (thus the boot time and the wakeups are Ubuntu's thing - the interface failings are ours), as other commenters have noted you can get the interface from lots of distros, my personal favourite of the other ones is opensuse's version but the more the merrier.