I have Windows 7 running on:
Dell Latitude C600 single P-III @ 1Ghz, 512 ram pc133, mcpci broadcom 802.11 b/g wireless card, and a 60gb HDD. Anti virus running all the time and numerous other productivity software. I have seen NO negitive impact on my laptop other than I can't run AERO due to the graphics card...which I'm sure your netbook will not suffer from a lack of video card processing power(Needed 128mb per specs) although if I could get a MGGD
driver for mine I could also run AERO even with only 32mb ati graphics but pigs will fly first so I just settle for Windows 7 basic interface which isn't to bad and I have read a few posts about turning on transparency in the basic theme which I did under XP and it worked fine....Posts state also works for Windows 7.
Slow/steady startup but once the system is fully up and functional it rips along at least as fast as XP did and I suspect a little faster.
Go for it....you can always go back if it doesn't trip your trigger as my mother used to say.