I purchased the black S10 from an importer in NY, and it's been upgraded with a 2 gig RAM stick (recognizes a total of 2 gigs for the system) and a 120gb 5400 HDD.
That being said, I'll not spend any time talking about the speed of this little netbook. I've worked on the Acer Aspire One and tooled around on the first generation from Asus as well. I went with the Ideapad for a couple of reasons.
1. The high quality of Lenovos in general. I have not been disappointed. Whereas the first gen Asus were flimsy and many of the others at least feel flimsy (MSI Wind), this one feels to me to be a good sturdy laptop - not much flex, the hinge for the screen feels solid, the keyboard, while not as good as the classic thinkpad, is easy to type on (though small, at 85% of normal size as opposed to 92% for some competitors).
2. The screen size. At 10.2", it's large enough for me to comfortably work on. I've seen some people pining for an 11" netbook, and that would certainly be nice, but what I can tell you is that I'm much more comfortable working on this 10.2" than the 8.9" that I've used.
3. The webcam works well. My fiance lives abroad, and having this little guy for skype has made a big difference for us. The webcam is a feature that doesn't make the S10 stand out against other netbooks, but it was something I was looking for in a cheap laptop.
4. The trackpad is configurable. I love being able to assign different areas of the track pad to different functions. Having the top left and right corners as "back" and "forward" in the browser and the bottom right as "right click" have made this a lot easier.
A few gripes:
1. The keyboard - I've already mentioned it, but it is small, and takes some getting used to.
2. There is currently no bluetooth, though apparently some reviewers have received units with it.
3. The mouse buttons on the trackpad are particularly loud. I've fixed this by assigning the bottom right of the pad to "right click," but that may not work for you.
Basically, the S10 is a solidly built, speedy (especially with the cheap RAM upgrade), sleek little machine that I've been very happy with.