The Arm is powerful enough, but Canonical do not support the Armv6 instruction set, so Ubuntu won't work. Ubuntu though is based on Debian, as is Raspbian, the recommended distro.
Principal Software Engineer at Raspberry Pi (Trading) Ltd.
Contrary to popular belief, humorous signatures are allowed. Here's an example...
“I think it’s wrong that only one company makes the game Monopoly.” – Steven Wright