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?
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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).