I have the Acer Aspire One running Kubuntu Jaunty. It has 2 GB of RAM, but my desktop has only 1 GB and it runs Kubuntu Jaunty too. So if you have at least 1 GB of RAM, I really recommend that you get Unetbootin
and install a more popular distro on it.
On my part, using Kubuntu Jaunty, I can tell you that all the hardware works except the integrated Web cam and microphone. I use an external microphone on the pink jack for Skype, no camera. Also, the Wifi green led does not work to indicate the Wifi card is on. But the Wifi card works, it's just the led. Everything else works, even the special Function keys (volume, screen brightness etc.)