Ok, there are still many features missing; I have no bluetooth mouse, there are no X.org apps (easily) available just yet, special characters of my bluetooth keyboard (i.e. åäö) are not showing. However, those downsides are not taking me down today!
How did all that install go? You can read part of how things went in my earlier blogpost: http://sakarinkurssit.blogspot.fi/2016/02/ubuntu-convergence-turn-your-nexus-4.html
At the moment I'm too exhausted (and happy on the other hand) to write all that happened today but promise to come back! Stay tuned!
Apps are windowed when using bluetooth keyboard and/or mouse
It's a genuine Ubuntu! I guess it's Ubuntu Touch, though
So lucky I found an inexpensive Slimport adapter!