I recently signed up for a a 20 GB Ubuntu One account for 2.99 per month because I wanted to sync some of my Home folders. It's been a week now. My tomboy notes synced fine, but after selecting my Documents, Pictures, and Music folders to be synced I only see my folder names but no files when I go my Dashboard on the Ubuntu One site.
Depending on what version of Ubuntu you're on, what you're seeing is normal. Folders get created first, and then files. Very slowly, if we're talking thousands of files.
We've worked on fixing this slowness and it should be much better by the time we release Natty, on Natty; older versions will get the speedups soon after that.
Meanwhile, to make sure you are progressing, you can follow the instructions on How can I tell whether Ubuntu One file sync is working, and what progress it is making?