I have the EEEPC 1000HE. Upped the spec with a 2gb stick of RAM and a 320gb 7200rpm hard drive and I've overclocked the processor to 1.81ghz (standard is 1.66).
It's still not fast by any means but it's a perfect travel machine, heck it fits in the pocket of the seat infront on the flights which makes me very happy, don't have to bother with taking bags down and putting them back from the overhead bins.
I can download my work to the laptop and use bridge/lightroom although it's pretty slow at doing 100% previews but then it's a pretty slow processor! Using bridge (faster than LR on the netbook) it takes approx 3.5 hours (5 on LR) to build 100% previews from 1200 5D RAW files and when I have them sorting and organising is very fast. If you don't need 100% previews then you'll be up and working in minutes literally. ACR doesn't fit on the screen (LR is no problem) but I use an external screen when abroad and I can edit 200 files at a time in ACR no problem at all. I convert to DNG often within ACR but haven't timed it, not as long as you would think actually. Haven't tried timing saving to jpg and I haven't tried anything with photoshop.
The battery life in the real world is 7 or so hours and I have a spare which will give me an extra 9 hours. Never had to use it once. I can use the built in wifi, webcam, mike and speakers to talk to my wife and daughter when I'm abroad, read ebooks or listen to music. I could watch DVD's if I was into it which I'm not. Even the power adaptor is tiny. The tracker pad is the biggest on a notebook though the buttons location is a bit fiddly, the keyboard is a 'chiclet' style and you can touchtype with it.
It's not as fast as my other laptop, a 15.4 widescreen toshiba monster with a core 2 duo 2.0ghz and 4 gig of ram, a computer that is basically a desktop in mini, however it is tiny, light and has amazing battery life, all of which are missing from regular laptops. Every time the netbook is slow doing something I think to myself 'I forgive it everything for being so small, light and not making me swop batteries every 1.5 hours'!
Keep in mind what it's been designed for and you will be very very happy with a netbook.
Did I mention that my final cost, including all the upgrading specs and spare battery, was just £390? That's very good indeed for the king of the netbooks and I stuck the 120gb HD that came with it into a £2.50 USB enclosure so now I have an extra portable HD as well...