I've got an Atom-based netbook on the way this week. I'll gladly let you know how it works for me.
We have a number of users who have netbooks with the Atom processors who have reported good results here in the forum so I can't imagine that a Mini-ITX motherboard with the same processor would be a problem.
eMachines EL-1300G desktop, 1.6GHz AMD Athlon 2650e CPU, 4GB RAM, nVidia GeForce 6150 SE video
CentOS 6.5 (will try VL64-7.1 soon)
Toshiba Satellite A135-S4727, Intel Pentium T2080 / 1.73 GHz, 2GB RAM, Intel GMA 950
HP Mini 110 netbook, 1.6GHz Intel Atom CPU, 2GB RAM, Intel 950 video, VL 7.1