netbook v. laptop / remix

[Patton Echols]

Here is a two part question, the first part not really an ubuntu question

I have available a great deal (it appears) on a compaq netbook (model 
110c-1100DX) for $180 us.  It has the Atom N270 processor and 1 GB of 
ram.  Sine these things usually run over $300, I'm interested.

My current laptop is a Thinkpad R40.  System monitor reports it as  
"Mobil Intel(R) Celeron(R) CPU 2.00GHz" and 756.5 MiB of ram.

Question 1.  I know the netbook would run way longer, cooler and less 
power and lighter etc.  But in terms of performance, how much of a hit 
would I take?  The laptop is mostly used for "netbook" type stuff but 
needs to be able to do some office type stuff and some basic GIMPing 
while I am on the road.

Question 2. Does anyone have experience with this particular netbook and 
Ubuntu Netbook remix?  Obviously I won't leave windows on it any longer 
than absolutely necessary.

Thanks for any thoughts.