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Project Ara is Concept to develop modular smartphones that could allow user to handpick the desired configuration for phone rather than to compromise on some levels. Such as some people don't feel the need to have camera in phone so they wouldn't have to pay for camera they can save money. More importantly Project Ara allows to upgrade your phone without having to buy a whole new piece, all you had to do is just buy a required chipset. After a year's use if you feel the need to upgrade RAM of Processor or anything you will not have to buy a whole new mobile all you have to spend on is what you want. Project Ara is believed to be in effect as of end of 2015. Prototypes has been successfully running since end of 2014.
If Project Ara comes out as good as it has been believed to it will change everything, now smartphone could be once in lifetime phone. It could be so affordable that everyone could buy it as per there need. You can buy a simple phone and modify it by high end components or just keep it simple. The choices of hardware will now be in your control. So is it safe to say that Project Ara could be the last Generation of Smartphone or I guess someday in future there could be a better project that might offer new capabilities to the consumer. Still Project Ara will be time stamp and the timeline of smartphone will be divided in "Before Ara" and "After Ara".