Just been listening to Ryan Szrama's DrupalCon presentation on Drupal Commerce.
Essentially, Drupal Commerce is a complete rewrite of Ubercart but more tightly wrapped into the Drupal 7 core to take advantage of many great D7 core features.
Ubercart will still carry on (as Ubercart 3 I think) but it sounds like it will end up being just a legacy project with Drupal Commerce eventually killing it off.
It was good to hear that they have ambitions to make Drupal Commerce the pre-eminent open source ecommerce platform. Ryan mentions Magento by name as a competing platform they have in their sites....which can only be a good thing for all concerned.
Only worry is that the migration path from D6 to D7 plus Ubercart to DCommerce might be rough, but we will see what happens in time.
Here is the presentation.
http://tinyurl.com/2upfhob
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