An interesting editorial on this topic, that might sum up some of the feelings that some people have been feeling:
http://www.freesoftwaremagazine.com/articles/editorial_13
Slashdot discussion on this: http://linux.slashdot.org/article.pl?sid=06/08/02/0238233 Digg discussion: http://digg.com/linux_unix/Why_Red_Hat_will_go_bust_because_of_Ubuntu
All of this isn't necessarily to be taken as gospel, however it does illustrate well the point some of 'us' have been trying to make .. lets not forget about the users! :-)
-- Chris Chabot