"We reserve the right to review all usage within the open source community, and to object to any usage that appears to overstep the bounds of discussion and good-faith non-commercial development. In any event, once a project has left the open source project phase or otherwise become a commercial project, this policy does not authorise any use of the Trademarks in connection to that project."
So yeah what Blue Systems actually does as a commercial entity (assuming they are a commercial entity) matters a heck of a lot if the Kubuntu marks are still owned by Canonical. The standard trademark policy does not authorize Blue Systems to field a commercial Kubuntu branded product without seeking an additional trademark license from Canonical. That's not a particular good place to be if they plan to compete with Canonical with OEM contracts.
I really really hope Canonical has given up unilateral control of the Kubuntu trademarks now that they seem to no longer be the chief business interest. Holding on to the marks to squeeze licensing revenue from Blue Systems or some other supporting business interest would be a pretty petty move. I'm _not_ saying that is what is happening. I have no idea what is happening or for that matter who Blue Systems actually is. For all I know its another billionare's pet project to bleed money with no real interest in being a successful business.
Whatever is going on here with Blue Systems backing multiple KDE distributions (which is a little bit of a head scratcher really)... whomever steps up to provide financial support for Kubuntu needs to have the ability to go after commercial products based on Kubuntu..and branded as Kubuntu...without being shackled by restrictions imposed by Canonical. I don't see how that's really possible unless the marks get transferred (at the very least to a neutral non-profit.)