The most important thing for Ubuntu is to focus on what users care about and what they have the most expertise with:
Which is to make Linux/Gnome usable and friendly. This is much tougher then most people assume it is.
Seriously... Before Ubuntu came along systems like Debian were about as comfortable for the average person to use as a inside-out softball shoe.
If Canonical can figure out how to turn that into a profitable enterprise then that will make me happier still.
As long as they stick with improving something then I am happy about it. Let the kernel heavy hitting, GNU userland stuff, and other stuff get done by people with much more expertise and desire. Canonical is better off expending there resources on something like this then anything else on the OS.
Redhat cannot make a usable and friendly desktop system any better then Ubuntu can develop a top-notch virtualization infrastructure or file system.
In fact I think it's sad that Linux distributions are not able to benefit more from each other's work in a much more direct fashion. So much wasted effort, time, and opportunities re-doing everything that a half of dozen other groups have already done. Ubuntu's guilty of this as much as anybody else, of course.