I got this exact computer at this exact price at the end of April when Woot offered it before.
It runs a flavor of Knoppix that is in sore need of updating (Firefox and OpenOffice 2.0 installed). I had a lot of issues getting the updater to work correctly, as the service doesn't appear to load up by default. When I did get everything updated, the feeble 4 GB drive was almost entirely filled.
Since it had a lot of stuff I didn't want, and I wasn't entirely fond of it, I just installed Ubuntu Desktop on it. You could also run Ubuntu Netbook Remix or Easy Peasy if those are more to your tastes, but I didn't like how it enlarged all dialog boxes. There are plenty of resources online to help you stick the OS on a flash drive so you can try it out before you install it permanently.
With Ubuntu Desktop, it takes a bit longer to load up, but performance is suitable for its power. After installing Ubuntu, OpenOffice 3, Firefox 3, Pidgin, Photoshop (through Wine), and a few other small services, I still have about 600 MB free for updates.
You will want to use external flash for saving documents. This is more secure anyway, in case someone runs off with the netbook.
To answer GlazedFaith, yes, it does have a removable panel to access the RAM and SSD. I haven't tried removing the SSD yet to see if it has any on-board storage, but I'm presuming not. There is only one slot total for RAM.
All in all, this netbook does what I bought it for--portable browsing and desktop publishing--and I'm pleased with the purchase.
A few caveats I encounter(ed). First, the embedded mic on mine was absolute rubbish. Recording makes it sound like I'm some demon with laryngitis. I have a tiny mic I can plug into the microphone port, though, and I don't plan to use it much anyway. Your mileage may vary--and if someone else got one without a rubbish mic, please post so we know it's not all units being affected!
Second, the screen resolution is a bit limited in terms of height, so you may find yourself tinkering quite a bit if you install Ubuntu in order to maximize screen space for browsing and document editing.
Third, I'm still looking for drivers and utilities and such to get full functionality out of the special function buttons, but I'm sure they're out there. I'm just lazy.
And finally, it is crazy easy to bump the touchpad, and there's no button that disables it like normal laptops, so you will want to install an applet that locks the cursor (I ctrl-shift-click a square in my notification area, and do so again to unlock it). Otherwise, you may find yourself editing a part of your documents you didn't intend to.
Overall, very nice and handy to have. I plan on alerting a few friends to the Woot.