F2FS is a file-system optimised for use in NAND memories (SSDs, USB flash drives, memory cards, etc...).
You can read a more complete information here.
Is it possible to install Ubuntu in it?. Does the installer support it?. Any caveats?
Ubuntu 13.04 Raring Ringtail is being developed with kernel 3.8 so it should be possible. However I have not found the information that 13.04 will offer the possibility to install to F2FS since this is not a mature FS.
Now if you want to try it with daily images of Raring there should be a way, and please share your experience)
EDIT 04/25/2013 Gparted 0.16 introduces support for F2FS so a later ubiquity version (or even backport to raring) will soon make it easy to install Ubuntu on F2FS (provided there is a warning/workaround about the Grub issue).