Ahh, remember the days that Intel and Microsoft were friends? The Wintel days?
Those days are over.
Moblin is based largely on Fedora, and it's still a work in progress, but its main goal is to optimize performance for Atom and Core 2 processors running on smaller machines. The alpha Intel just released alread has an innovative network connection manager and fast optimized boot times, and it's confirmed to work well with Dell's Mini 9, the Acer Aspire One, and the Eee PC 901 (although right now wi-fi on the Eee is iffy).
... Right now Moblin is using the Xfce desktop, which is pretty bread and butter. Later in the development they'll switch to a more gussied up UI based on Clutter, which Intel owns...
In related news Dell was briefly selling a refurbished Netbook Inspiron Mini today for $177, Samsung has clobbered the price of RAM modules, and India is promising a $20 Netbook, and Gizmodo has a Netbook thread with feed that gives you all this stuff in one place.
Update: Oh, and this one too. Intel Android netbooks.