I just got this netbook and put xubuntu on it, dual boot with window 7. Wifi/LAN/hdmi/xrandr work out of box (I have not tried VGA). Suspend also works via the logout menu, but not through the F4 key. Volume control, speaker mute and wifi on/off work via function keys.
Multitouch works out of box, including two-fingers vertical and horizontal scrolling (you might need to adjust touchpad settings in xfce). Pinch-zoom does not work. Right-click is slightly flaky and/or I have not yet found the sweet spot for right click (which I guess means it's flaky :-)
On a freshly charged battery, xubuntu reports/predicts 5:32 of battery life. I have not tried to drain it, but based on experience with other laptops this is a reasonable estimate for normal use (40% brightness, wifi on, light browsing+emails+editing); take 30% for looping youtubes :-)
The speakers are surpising loud but very tinny. I watched fullscreen 720p video (using VLC) for about 40min (on AC); the palm rest is warm but comfortable, and both cores stay below 56 degree. I've been using this all day and the fan is not loud at all (disclaimer: I don't have good ears!)
Two tweaks (warning: don't blame me if these brick your machine!):
(1) Common acer problem: Backlight control does not work out of box. I googled "acer brightness" and found this fix on the ubuntu forum (unfortunately I lost the original URL): Edit /etc/default/grub by changing
GRUB_CMDLINE_LINUX_DEFAULT="quiet splash acpi_backlight=vendor"
then sudo update-grub and reboot.
(2) There is a long delay between logging in and xfce showing up. This seems to be a xubuntu and/or lightdm problem. See post #39 http://ubuntuforums.org/showthread.php?t=1970326 for a patch (remember to reboot).
The screen is good (not macbook good) and has good viewing angle. The keyboard is good (on par with the ultrabooks on display at BB), about 95% of the regular ones. I've been typing on it all day and have not problem except for the forward slash key (because of the 95% keyboard it's slightly off from where I'm used to finding it; should be okay after a few days). The arrow keys (and tilde) are small but functional.
All in all this is a very capable, light (< 3lb) and inexpensive travel machine. I like it a lot. I plan to put SSD + 8G of ram and make it a poor-man's 'bunbook air, all for all about $400! Good luck!
PS: Mine has a celeron 877 -- slightly clockdowned version of sandy bridge i3. Several people on amazon says that that this is on par and maybe slightly better than the pentium one (I have not tested that).