I've successfully installed Vl in my Acer Aspire One . Pretty straightforward.
The only 'problem' I had is ethernet not working pretty well, but as wireless is configured out of the box, who wants wired net in those little netbooks
Btw, I'm sure you can configure it without much troubles, I just haven't dug enough.
To install vl I chose hosted install, and installing archlinux first in another partition. Wanna see how?http://puntoblogspot.blogspot.com/2009/03/vector-linux-60-in-my-acer-aspire-one.html
Btw, 1.5 Gb RAM ? is it a new version? Mine is 1 Gb RAM with 120 Gb HDD (150 model IIRC)