I run a toshiba netbook, with ubuntu remix, 512mb ran, 1.6ghz, 80gb hdd. Ubuntu remix runs absolutely fine on it. Much faster than windows, boots in 90 seconds, installation and first setup is quick.
I can't tell you if there's anything added or missing, on account of this is my first foray into Linux.
Be careful though, because I'm having a nightmare geting everything on mine working!