On an AOA110l, Crunchbang works excellently. (should be the same on AOA150)
Any Distro based on Lxde should also work well. On other models things may differ.
Note: upgrading the bios is a good idea if you want the SD card slots to work at all.
The Original Acer version of Linpus Lite was so heavily locked down that they expected their customers to pay extra for Frozen Bubbles!
The downloadable version never worked properly either for me!