Just to share my experiences...
I have tested to install Ubuntu with the alternative cd and minimal Ubuntu install tutorial (links elsewhere into this forum). Well... The process is long and the gain strangely minimal compare to the results obtained by distrowatch. I gain approximately 10s. It's clear that I let all the services and features that is possible to use (print, bluethooth...).
Uninstall the maximum
I have uninstall everything I can. Unfortunately there are a lot, but really a lot of dependencies.... sometimes extremely strange... but they are. However it is possible to erase a lot of things (you can gain few hundreds without any problems (e.g. look at the scim and foreign language, fonts...), and more than 1Go depending on your interest (keep or not keep openoffice and so on...). I also have deactivate services I do not use. I gain an huge amount of space (but who care with an hard drive, but not so much speed (inferior to 10s). Because NC10 has an hard drive, this is interesting only to those who want to install a SSD instead.
Provide out of the box a light and really faster boot (about 30s faster). Take care you can gain a significant additionnal space (language, cd programs and libraries, printer drivers and so on...). But you have to patch applying the info of the ubuntu wiki and part of the script voRia gently gave us to support extended keyboard. Thus it is a matter of choice. Slower Ubuntu with full support or faster eeebuntu with incomplete support.
Alain57 planned to release an Ubuntu version specialized to the NC10. No recent news has been furnished on the current state of advancement. Supposed he waits for the final Jaunty.