Actually, it's an attack on the convergence claim put forth by Canonical - very little about the phone. One of the few things worse about self-congratulatory corporate press releases is people who try to use them as the genesis for a critical discussion. I mean, if you want your criticism to be taken seriously, criticize about something that is real and consequential, not the wording of a press release.
We can start with the obvious clue: Unity currently does not use QML at all; Ubuntu Phone is pure QML. So, no, it is not the same code, it is not the sort of seamless cross-device technology bridge that they are purporting. Ah, but the wording in the announcement is a bit cagey ... Perhaps if we define "same Ubuntu code" to mean "Ubuntu the distribution with all versions of the UI installed" we can cover this with a great amount of fudge factor. Perhaps Unity will eventually be merged with Ubuntu Phone, and that's what they mean by "when complete".