A usable version of Ubuntu Touch should have been out by now, but so far the developers have just managed to integrate a few basic features.
Ubuntu Touch developers keep the community informed about their progress on a regular basis. Their latest entry in the mailing list make for interesting read.
It seems that initial support has been integrated into Ubuntu Touch for 3G data. It may not look like much, but it's an important step towards a working version.
Canonical developers have also removed the mockup applications from the shell, and have replaced the skii safari and music mocks with weather and calendar.
Also, the fake notifications have been removed and the maguro kernel has been taken from Saucy Salamander.
It's not a sure sign that a working version of Ubuntu Touch is on its way, but it's surely a lot closer.