The AMD Geode CPU has been the stalwart of embedded computing for a long time - Wireless Routers, and many platforms have been developed around it. The architecture is decent, and compliant.
Speedwise, it works as well as you could expect from a device this size. The EE isn't exactly blinding either - thats not why you buy a device like this. The RAM is a little low-spec, but the EE also launched low, with upgrade options. This baby can go up to 2Gig which is just fine.
The hard-drive is an interesting choice, and FAR outweighs the measly few gigabytes the EE can muster.
Non-wired LAN is a non-issue, since you get plenty of USB->Ethernet adapters, and I'd actually rather have the PCMCIA slot on a device such as this, than an ethernet port.
It is, after all, a "mobile" device. I'd rather be able to stick a 3G or iBurst card into it, than ethernet.
The biggest con's compared to the EEPC:
No builtin camera
Touchpads suck (so does the one on the EEPC)
Other than that, it's a nice, neat cheap device.
/me waits for the IBM subnotebook, built on a PowerPC platform, running Linux.