Yes, it runs well under Ubuntu 10, 11, and 12 - 32 bit and 64 bit, as far as I know. Installation in a personal folder like $HOME/PlaneShift/ is recommended. System-wide installations may cause issues with access rights for personal game settings (ownership of $HOME/.PlaneShift/ - note the leading dot).
Under Linux, you are lucky that you are able to report console output easier. Try to run ./psclient from a bash and see if any fatal errors are reported. Check the topics of the PlaneShift related IRC channels on FreeNode, they may have URLs to common issue threads. One necessary prerequisite is enabling OpenAL audio in pslaunch and installing OpenAL libraries.