SUCCESS!!!
Good news! Touchscreen on UBUNTU now works perfectly fine!
Make sure you do this ok…
– in your modules file (/etc/modules), that the fbcon is loaded first, and the ti_tscadc module is loaded.
for example:
/etc/modules file should look like this :
fbcon
ti_tscadc
(hint: you may have to use the vim editor and run as a super user. It seems that the /etc directory is not n00b friendly and you must have super user privileges by using the sudo command.)
After I read the TI source codes, and numerous other source codes I was able to ‘determine’ somewhat how to get the touchscreen up and going.
You may have to install some TI OMAP packages and tslib libraries too. I will post in the future, a proper guide on getting the BEAGLEBONE LCD7 cape up and running.
Right now, I’m enjoying my glee of joy of one week of getting this darn thing running without Angstrom. Again, nothing against angstrom but I prefer Ubuntu. 
Cheers!