Yup, it installed easily and seems to work quite well. Supports the Aspire One hardware directly without configuration which is very nice, The moblin web browser isn't ready for use yet but firefox was easily installed through the moblin garage and it runs well (though it calls itself Shiretoko?). It is nice to finally be using an up to date browser on my AA1.
I haven't figured out the keyboard shortcuts yet, so I am mousing (or rather trackpadding) more than is comfortable.
So I've had good luck with the kernel.org kernels. Just compiled and rebooted into 2.6.30 and everything is working well. I am using debian's make-kpkg which will build and package a kernel into a linux-image deb package which is very handy for installing multiple concurrent kernels --- very handy for charging ahead with compiles without fearing that I might render my machine unbootable. As long as my speculative kernel builds don't hose any filesystems I can use bleeding edge kernels without fear. I do a custom build which only support the hardware I actually have so new kernel drivers have no effect on the the actual kernel image I create, and by choosing conservative choices when I make oldconfig I have yet to build an unstable kernel.