@Nexox & Jimbo
Nexox writes: "I'm sure an Arm powered netbook running /anything/ will have quite a useless resolution."
Why do you think that? Most Wintel netbooks have only 1024x640 (or less). The prototype Acer showed at Computex (http://www.obsessable.com/news/2009/06/01/asus-eee-pc-spotted-running-android-os-on-qualcomms-snapdragon-chipset/) seemed to have at least this screen resolution on a 10" screen, and the 1.0 GHz Snapdragon processor used was claimed to be able to play 720p HD video (with 1080p available next year with the 1.3GHz Snapdragon).
While Snapdragon is impressive, I believe the coming Cortex A9 multicore processors will run in circles around this (and Intel's Atom).
The only thing you can't do on an ARM-based netbook that you can do on an Atom-based netbook is run Windows.
Jimbo writes: "Why is every so excited about Android on Netbooks when we can put Win7 or Ubuntu on almost every netbook out there, enjoy thousands of applications and still have 8+ hours of work?"
Why would anyone want to run Win7 Starter edition on a netbook? Microsoft is riddling this with weird limitations. First was the idea of limiting to three simultaneous applications, but now this seems to have been dropped in favour of banning DVD playback and other media features (see http://windowsteamblog.com/blogs/windows7/archive/2009/05/29/let-s-talk-about-windows-7-starter.aspx). I predict that most users who buy a netbook with Win7 Starter edition will soon install a "real" OS, such as Linux or a full edition Windows. But, yes, Android seems to offer little over standard Linux installations.