The latest version of Eeebuntu, a custom version of Ubuntu Linux that supports the WiFi, graphics, touchpad, webcam, and sound drivers for most Eee PC models out of the box, has been released.
It basically contains all applications you need and it can work out of the box. It comes in three flavors: Standard, Netbook, and Base. Of the three, Base would be the lightest and contains only the bare essentials, and it reminds me of eeeXubuntu. The Netbook edition uses the Netbook remix interface, and Standard pretty much resembles the Xandros installation when in advanced mode, except that it has a dock.