Got the new version. Same old, same old. I also tried moving my Ubuntu One dir and still the same (I still don't know where it keeps the data tho). 

Here is the status info from "u1sdtool -s" after I enter my email/passwod:

State: READY
    connection: Not User With Network
    description: ready to connect
    is_connected: False
    is_error: False
    is_online: False
    queues: WORKING

Listing folders and shares shows it's got old sync folders and shares in it's settings.

Here is dump of the syncdaemon log. I removed folder hashing (since it's lots of useless info that potentially reveals private data). From it I concur that it gets empty credentials, regardless of what I enter. It's probably either communication with Ubuntu SSO, or a bug in the UI where I enter the email pass:

2013-03-19 22:41:43,504 - ubuntuone.SyncDaemon.platform.filesystem_notifications.monitor - DEBUG - File monitor ids for platform "darwin" are "{'default': <class 'ubuntuone.platform.filesystem_notifications.monitor.darwin.fsevents_daemon.FilesystemMonitor'>, 'macfsevents': <class 'ubuntuone.platform.filesystem_notifications.monitor.common.FilesystemMonitor'>}"
2013-03-19 22:41:43,504 - ubuntuone.SyncDaemon.platform.filesystem_notifications.monitor - DEBUG - Checking availability of monitor class <class 'ubuntuone.platform.filesystem_notifications.monitor.darwin.fsevents_daemon.FilesystemMonitor'>
2013-03-19 22:41:43,618 - ubuntuone.SyncDaemon.platform.filesystem_notifications.monitor - DEBUG - Monitor is available, returning monitor with id "default"
2013-03-19 22:41:43,619 - ubuntuone.SyncDaemon.Main - INFO - Starting Ubuntu One client version 0.1
2013-03-19 22:41:43,619 - ubuntuone.SyncDaemon.Main - INFO - Using '/Users/bmarkovic/Ubuntu One' as root dir
2013-03-19 22:41:43,619 - ubuntuone.SyncDaemon.Main - INFO - Using '/Users/bmarkovic/Library/Application Support/ubuntuone/syncdaemon' as data dir
2013-03-19 22:41:43,619 - ubuntuone.SyncDaemon.Main - INFO - Using '/Users/bmarkovic/Library/Application Support/ubuntuone/shares' as shares root dir
2013-03-19 22:41:43,619 - ubuntuone.SyncDaemon.tritcask - INFO - Initializing Tritcask on: /Users/bmarkovic/Library/Application Support/ubuntuone/syncdaemon/tritcask
2013-03-19 22:41:43,619 - ubuntuone.SyncDaemon.tritcask - DEBUG - lookingup data files
2013-03-19 22:41:43,697 - ubuntuone.SyncDaemon.tritcask - INFO - found 4 data files, 0 dead and 0 broken files
2013-03-19 22:41:43,697 - ubuntuone.SyncDaemon.tritcask - DEBUG - building the keydir, using: ['1363169892397421', '1362595873057724', '1362595875438018', '1363205370127073']
2013-03-19 22:41:43,697 - ubuntuone.SyncDaemon.tritcask - DEBUG - loading entries from hint of: /Users/bmarkovic/Library/Application Support/ubuntuone/syncdaemon/tritcask/1362595873057724.inactive.tritcask-v1.data
2013-03-19 22:41:44,086 - ubuntuone.SyncDaemon.tritcask - DEBUG - loading entries from hint of: /Users/bmarkovic/Library/Application Support/ubuntuone/syncdaemon/tritcask/1362595875438018.inactive.tritcask-v1.data
2013-03-19 22:41:44,183 - ubuntuone.SyncDaemon.tritcask - DEBUG - loading entries from hint of: /Users/bmarkovic/Library/Application Support/ubuntuone/syncdaemon/tritcask/1363169892397421.inactive.tritcask-v1.data
2013-03-19 22:41:44,336 - ubuntuone.SyncDaemon.tritcask - DEBUG - loading entries from (build_hint=False): /Users/bmarkovic/Library/Application Support/ubuntuone/syncdaemon/tritcask/1363205370127073.live.tritcask-v1.data
2013-03-19 22:41:44,783 - ubuntuone.SyncDaemon.tritcask - INFO - keydir ready! (keys: 7868)
2013-03-19 22:41:44,784 - ubuntuone.SyncDaemon.tritcask - INFO - rotating live file: /Users/bmarkovic/Library/Application Support/ubuntuone/syncdaemon/tritcask/1363205370127073.live.tritcask-v1.data
2013-03-19 22:41:44,814 - ubuntuone.SyncDaemon.tritcask - INFO - Starting merge of ['1363169892397421', '1363205370127073', '1362595873057724', '1362595875438018']
2013-03-19 22:41:46,748 - ubuntuone.SyncDaemon.tritcask - INFO - Done merging ['1363169892397421', '1363205370127073', '1362595873057724', '1362595875438018'] -> 1363729304819992
2013-03-19 22:41:46,776 - ubuntuone.SyncDaemon.VM.MD - DEBUG - metadata version: 7
2013-03-19 22:41:46,781 - ubuntuone.SyncDaemon.fsm - INFO - loading updated metadata
2013-03-19 22:41:47,120 - ubuntuone.SyncDaemon.fsm - INFO - initialized: idx_path: 3456, idx_node_id: 3456, shares: 18
2013-03-19 22:41:47,121 - ubuntuone.SyncDaemon.filesystem_notifications.GeneralProcessor - INFO - Ignoring files: ['\\A#.*\\Z', '\\A.*~\\Z', '\\A.*\\.py[oc]\\Z', '\\A.*\\.sw[nopx]\\Z', '\\A.*\\.swpx\\Z', '\\A\\..*\\.tmp\\Z', '\\A\\.~lock\\..*#\\Z', '\\A\\.goutputstream-.*\\Z', '\\A.*-Spotlight\\Z', '\\A\\.DS_Store\\Z']
2013-03-19 22:41:47,124 - ubuntuone.SyncDaemon.VM - DEBUG - init_root
2013-03-19 22:41:47,124 - ubuntuone.SyncDaemon.VM - DEBUG - adding inotify watch to: /Users/bmarkovic/Ubuntu One
2013-03-19 22:41:47,199 - ubuntuone.SyncDaemon.OffloadQueue - DEBUG - Using temporary file: '/var/folders/vj/cxv8rqdj7qx8hxvjsp3bfpy00000gn/T/tmpozNkTj'
2013-03-19 22:41:47,204 - ubuntuone.SyncDaemon.TunnelClient - INFO - Tunnel process started.
2013-03-19 22:41:47,213 - ubuntuone.SyncDaemon.HQ - INFO - HashQueue: _hasher started
2013-03-19 22:41:47,223 - ubuntuone.SyncDaemon.QueueManager - DEBUG - start
2013-03-19 22:41:47,223 - ubuntuone.SyncDaemon.ConnectionManager - DEBUG - start
2013-03-19 22:41:47,224 - ubuntuone.SyncDaemon.StateManager - DEBUG - start
2013-03-19 22:41:48,857 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_state_changed: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonService object at 0x106d51310>, Network state (online)), kwargs {}.
2013-03-19 22:41:48,857 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_connected: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonService object at 0x106d51310>,), kwargs {}.
2013-03-19 22:41:48,857 - ubuntuone.SyncDaemon.EQ - DEBUG - push_event: SYS_NET_CONNECTED, kwargs: {}
2013-03-19 22:41:48,857 - ubuntuone.SyncDaemon.StateManager - DEBUG - received event 'SYS_NET_CONNECTED'
2013-03-19 22:41:48,858 - ubuntuone.SyncDaemon.StateManager - DEBUG - sending event to ConnectionManager
2013-03-19 22:41:48,858 - ubuntuone.SyncDaemon.ConnectionManager - DEBUG - Internal transition 'Not User Not Network' -> 'Not User With Network'
2013-03-19 22:41:48,858 - ubuntuone.SyncDaemon.StateManager - DEBUG - ConnectionManager returned None
2013-03-19 22:41:48,858 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_connected: result None.
2013-03-19 22:41:48,858 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_state_changed: result None.
2013-03-19 22:41:48,862 - ubuntuone.SyncDaemon.Pb - INFO - IPC initialized.
2013-03-19 22:41:48,863 - ubuntuone.SyncDaemon.InteractionInterfaces - INFO - connect: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonService object at 0x106d51310>,), kwargs {'autoconnecting': True}.
2013-03-19 22:41:48,863 - ubuntuone.SyncDaemon.InteractionInterfaces - INFO - connect: result <generator object connect at 0x1070c0550>.
2013-03-19 22:41:48,864 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_state_changed: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonService object at 0x106d51310>, Network state (online)), kwargs {}.
2013-03-19 22:41:48,864 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_connected: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonService object at 0x106d51310>,), kwargs {}.
2013-03-19 22:41:48,864 - ubuntuone.SyncDaemon.EQ - DEBUG - push_event: SYS_NET_CONNECTED, kwargs: {}
2013-03-19 22:41:48,865 - ubuntuone.SyncDaemon.StateManager - DEBUG - received event 'SYS_NET_CONNECTED'
2013-03-19 22:41:48,865 - ubuntuone.SyncDaemon.StateManager - DEBUG - sending event to ConnectionManager
2013-03-19 22:41:48,865 - ubuntuone.SyncDaemon.StateManager - DEBUG - ConnectionManager returned None
2013-03-19 22:41:48,865 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_connected: result None.
2013-03-19 22:41:48,865 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_state_changed: result None.
2013-03-19 22:41:48,964 - ubuntuone.SyncDaemon.Main - NOTE - ---- MARK (state: <State: 'INIT'  (queues IDLE  connection 'Not User With Network')>; queue: 0; offloaded: 0; hash: 0) ----
2013-03-19 22:41:48,964 - ubuntuone.SyncDaemon.EQ - DEBUG - push_event: SYS_INIT_DONE, kwargs: {}
2013-03-19 22:41:48,965 - ubuntuone.SyncDaemon.StateManager - DEBUG - received event 'SYS_INIT_DONE'
2013-03-19 22:41:48,965 - ubuntuone.SyncDaemon.StateManager - DEBUG - Transition INIT --[SYS_INIT_DONE]--> LOCAL_RESCAN (queues: IDLE; connection: Not User With Network)
2013-03-19 22:41:48,965 - ubuntuone.SyncDaemon.Main - NOTE - Local rescan starting...
2013-03-19 22:41:48,965 - ubuntuone.SyncDaemon.local_rescan - INFO - start scan all volumes
2013-03-19 22:41:48,981 - ubuntuone.SyncDaemon.local_rescan - INFO - processing trash
2013-03-19 22:41:48,982 - ubuntuone.SyncDaemon.local_rescan - INFO - generating Unlink from trash: share_id=''  

	-- Here it's making hashes from my data and revealing private info ;) --

2013-03-19 22:43:16,086 - ubuntuone.SyncDaemon.Main - INFO - hash queue empty. We are ready!
2013-03-19 22:43:16,086 - ubuntuone.SyncDaemon.EQ - DEBUG - push_event: SYS_LOCAL_RESCAN_DONE, kwargs: {}
2013-03-19 22:43:16,086 - ubuntuone.SyncDaemon.StateManager - DEBUG - received event 'SYS_LOCAL_RESCAN_DONE'
2013-03-19 22:43:16,086 - ubuntuone.SyncDaemon.StateManager - DEBUG - Transition LOCAL_RESCAN --[SYS_LOCAL_RESCAN_DONE]--> READY (queues: WORKING; connection: Not User Not Network)
2013-03-19 22:43:16,087 - ubuntuone.SyncDaemon.EQ - DEBUG - push_event: SYS_STATE_CHANGED, kwargs: {'state': READY (error=False connected=False online=False)  Queue: WORKING  Connection: Not User Not Network}
2013-03-19 22:43:16,087 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - handle_SYS_STATE_CHANGED: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonEventListener object at 0x106d51550>,), kwargs {'state': READY (error=False connected=False online=False)  Queue: WORKING  Connection: Not User Not Network}.
2013-03-19 22:43:16,087 - ubuntuone.SyncDaemon.Pb - DEBUG - emitting 'on_status_changed' to all (1) connected clients.
2013-03-19 22:43:16,087 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - handle_SYS_STATE_CHANGED: result None.
2013-03-19 22:43:16,730 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - files_sync_enabled: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonConfig object at 0x106d51f90>,), kwargs {}.
2013-03-19 22:43:16,731 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - files_sync_enabled: result True.
2013-03-19 22:43:16,733 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - current_status: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonStatus object at 0x1065c53d0>,), kwargs {}.
2013-03-19 22:43:16,733 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - current_status: result {'is_error': '', 'name': 'READY', 'queues': 'WORKING', 'connection': 'Not User Not Network', 'is_online': '', 'is_connected': '', 'description': 'ready to connect'}.
2013-03-19 22:43:17,415 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_state_changed: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonService object at 0x106d51310>, Network state (offline)), kwargs {}.
2013-03-19 22:43:17,415 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_disconnected: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonService object at 0x106d51310>,), kwargs {}.
2013-03-19 22:43:17,415 - ubuntuone.SyncDaemon.EQ - DEBUG - push_event: SYS_NET_DISCONNECTED, kwargs: {}
2013-03-19 22:43:17,416 - ubuntuone.SyncDaemon.StateManager - DEBUG - received event 'SYS_NET_DISCONNECTED'
2013-03-19 22:43:17,416 - ubuntuone.SyncDaemon.StateManager - DEBUG - sending event to ConnectionManager
2013-03-19 22:43:17,416 - ubuntuone.SyncDaemon.StateManager - DEBUG - ConnectionManager returned None
2013-03-19 22:43:17,416 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_disconnected: result None.
2013-03-19 22:43:17,416 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_state_changed: result None.
2013-03-19 22:43:21,432 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_state_changed: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonService object at 0x106d51310>, Network state (online)), kwargs {}.
2013-03-19 22:43:21,432 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_connected: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonService object at 0x106d51310>,), kwargs {}.
2013-03-19 22:43:21,433 - ubuntuone.SyncDaemon.EQ - DEBUG - push_event: SYS_NET_CONNECTED, kwargs: {}
2013-03-19 22:43:21,433 - ubuntuone.SyncDaemon.StateManager - DEBUG - received event 'SYS_NET_CONNECTED'
2013-03-19 22:43:21,433 - ubuntuone.SyncDaemon.StateManager - DEBUG - sending event to ConnectionManager
2013-03-19 22:43:21,433 - ubuntuone.SyncDaemon.ConnectionManager - DEBUG - Internal transition 'Not User Not Network' -> 'Not User With Network'
2013-03-19 22:43:21,433 - ubuntuone.SyncDaemon.StateManager - DEBUG - ConnectionManager returned None
2013-03-19 22:43:21,433 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_connected: result None.
2013-03-19 22:43:21,433 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - network_state_changed: result None.
2013-03-19 22:44:08,503 - ubuntuone.SyncDaemon.EventsFactory - DEBUG - process_event : FsEvent({u'processName': u'Finder', u'isDirectory': False, u'isCombinedEvents': False, u'isDroppedEvents': False, u'type': 'FSE_STAT_CHANGED', u'pid': 551, u'eventArgs': ["FsEventArg(['FSE_ARG_STRING', u'/Users/bmarkovic/Ubuntu One/.DS_Store'])", "FsEventArg(['FSE_ARG_DEV', u'0x1000003 (major 1 minor 3)'])", "FsEventArg(['FSE_ARG_INO', 1125942858832535])", "FsEventArg(['FSE_ARG_MODE', u'-rw-r--r--  (0x0081a4, vnode type VREG)'])", "FsEventArg(['FSE_ARG_UID', u'501 bmarkovic'])", "FsEventArg(['FSE_ARG_GID', u'20 staff'])", "FsEventArg(['FSE_ARG_INT64', 1709905829736])"]}) => [<Event dir=False mask=0x2 maskname=IN_MODIFY name=.DS_Store path=. pathname=/Users/bmarkovic/Ubuntu One/.DS_Store wd=0 >]
2013-03-19 22:44:08,504 - ubuntuone.SyncDaemon.EventsFactory - DEBUG - process_event : FsEvent({u'processName': u'Finder', u'isDirectory': False, u'isCombinedEvents': False, u'isDroppedEvents': False, u'type': 'FSE_CONTENT_MODIFIED', u'pid': 551, u'eventArgs': ["FsEventArg(['FSE_ARG_STRING', u'/Users/bmarkovic/Ubuntu One/.DS_Store'])", "FsEventArg(['FSE_ARG_DEV', u'0x1000003 (major 1 minor 3)'])", "FsEventArg(['FSE_ARG_INO', 1125942858832535])", "FsEventArg(['FSE_ARG_MODE', u'-rw-r--r--  (0x0081a4, vnode type VREG)'])", "FsEventArg(['FSE_ARG_UID', u'501 bmarkovic'])", "FsEventArg(['FSE_ARG_GID', u'20 staff'])", "FsEventArg(['FSE_ARG_INT64', 1709905864799])"]}) => [<Event dir=False mask=0x2 maskname=IN_MODIFY name=.DS_Store path=. pathname=/Users/bmarkovic/Ubuntu One/.DS_Store wd=0 >]
2013-03-19 22:44:57,644 - ubuntuone.SyncDaemon.InteractionInterfaces - INFO - connect: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonService object at 0x106d51310>,), kwargs {}.
2013-03-19 22:44:57,644 - ubuntuone.SyncDaemon.InteractionInterfaces - INFO - connect: result <generator object connect at 0x1074df8c0>.
2013-03-19 22:45:26,158 - twisted - ERROR - Unhandled error in Deferred:
2013-03-19 22:45:26,159 - twisted - ERROR - Unhandled Error
Traceback (most recent call last):
  File "twisted/internet/defer.pyc", line 362, in callback
    
  File "twisted/internet/defer.pyc", line 458, in _startRunCallbacks
    
  File "twisted/internet/defer.pyc", line 545, in _runCallbacks
    
  File "twisted/internet/defer.pyc", line 1095, in gotResult
    
--- <exception caught here> ---
  File "twisted/internet/defer.pyc", line 1039, in _inlineCallbacks
    
  File "ubuntuone/syncdaemon/interaction_interfaces.pyc", line 1273, in connect
    
ubuntuone.syncdaemon.interaction_interfaces.NoAccessToken: got empty credentials.

2013-03-19 22:45:52,973 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - current_status: args (<ubuntuone.syncdaemon.interaction_interfaces.SyncdaemonStatus object at 0x1065c53d0>,), kwargs {}.
2013-03-19 22:45:52,974 - ubuntuone.SyncDaemon.InteractionInterfaces - DEBUG - current_status: result {'is_error': '', 'name': 'READY', 'queues': 'WORKING', 'connection': 'Not User With Network', 'is_online': '', 'is_connected': '', 'description': 'ready to connect'}.