I am currently waiting for my Ubuntu One client to fetch files from the server. The files are undoubtedly there, because I can view them with the Ubuntu One web service. Nonetheless, it already takes almost half an hour and is nowhere near end. As the OP stated TWO years ago, we cannot even see what is currently happening, why isn't it faster and what is the total transfer or the speed. These things are provided easily by Dropbox daemon. Are they going to be displayed sometime in the future in Ubuntu One as well? And I am not talking about the notification pop-up (which, currently, displays an info that 100KB image is being uploaded. Since half an hour).
Shared folders suffer from the same, too. My friend uploads a file to shared folder, I eagerly await to download it. Not a chance, even after fifteen minutes - he can send me a Ubuntu One link to the file via IM and I can download it, but the file itself is not displayed in my version of shared folder nor am I even informed by the client that something awaits downloading.
Certainly, it's not a problem of connection, since I use many different networks over the course of day and never had any such problems when using DropBox before Ubuntu 11.10.
To sum it up, Ubuntu One does NOT work. I rarely meet such cases in an official and supported software of such scale as Ubuntu.
Sadly, I have to admit that I am going to leave Ubuntu One in the near future and go back to Dropbox. My hopes and expectations when Ubuntu 11.10 came out were too idealistic.