I have just installed Ubuntu Netbook Edition [www.canonical.com] 10.04 Lucid Lynx on my Eee PC 4G (701) (Hardware specification [wiki.eeeuser.com]). In short, it works perfectly and flawlessly out-of-box!
This is a 2-year-old laptop with a 'slow' 900MHz Intel Celeron processor and a 'small' 4GB SSD. What else besides a good GNU/Linux distro can resurrect it?

I have tested several laptop-specific features and they simply work perfectly out-of-box. E.g., the Wi-Fi, the webcam (use 'Cheese' to test it), and the Fn hotkeys (for controlling Wi-Fi, LCD, volume, etc.).
The PC was pre-installed with Xandros when I just bought it, but I was not used to its interface. I thus replaced the OS with Xubuntu. That time, Xubuntu worked fine but required some customizations to make the Wi-Fi and the Fn hotkeys to work properly. So I'm so glad that the latest Ubuntu Netbook Edition (10.04 Lucid Lynx) just works perfectly on it.