Plymouth has now been evaluated for Ubuntu as a replacement to the current USplash. Sadly Plymouth is not going to be default in Ubuntu 9.04, but we may get PPAs for people that are interested in trying it out and have the supported hardware. At the Ubuntu Developer Summit it was suggested that Plymouth should be default by 9.10 - when all the drivers are ready and all critical problems are solved. Plymouth uses kernel mode-setting to provide a cleaner boot experience with minimal flickering of the display since the display only needs to set its mode once.
Here is the video of the UDS session where you can see the discussion process in more detail: http://videos.ubuntu.com/uds/jaunty/Desktop/2008-12-11/morning-post-break/00001.ogv
Looks like there's a lot of great thing to look forward to in Jaunty +1 (Ubuntu 9.10). Although both the facebrowser and Plymouth won't make it into Jaunty, there's no doubt that Ubuntu, and Linux in general, is moving fast forward.