@Anzan: Forgive me for the rough number, but we're just under 25 people right now on the team. The LP team has a few extra members, including sys admins and lots of interested developers from other teams within Canonical :)
@ponkarthik: Right now, the file syncing service that is available just syncs files that you explicity move into a particular folder. We're working on some very interesting things that will provide settings and preferences syncing relatively soon, but it's not quite "fully baked" yet!
@rafaellaguna: Sorry for the long wait to get an invitation!
http://ubuntuforums.org/showthread.php?t=1172688 is close to being right about the current waiting list. We've got lots of people interested in trying out Ubuntu One, but right now all the developers are attending the Ubuntu Developers Summit. We've actually been working a bit in the evenings to get the servers ready so that we can let everyone who is currently waiting on an invitation into the system.
We aren't (yet) committed to a specific time frame beyond "When it's ready", but we hope to get everyone using Ubuntu One as quickly as possible.
Thanks everyone! If you can, feel free to ask any of the developers about themselves, but lets try and keep questions about the service to a more appropriate thread ;)