I just tried using ubuntu 10.10 desktop version on my old acer laptop.

spec:
Acer travelmate 4102WLMi
Intel® Pentium® M Processor 740 (1.73GHz, 2MB Cache, 533MHz FSB)
Intel® 915PM Express chipset
15.4" WXGA colour LCD, supporting 1280 x 800 pixel resolution and dual display via Acer GridVista
ATI MOBILITY™ RADEON® X700 with 64MB of external DDR video RAM support DirectX 9.0
60GB HDD
1GB DDR2 RAM (upgraded)
Integrated 56Kbps modem & 10/100 Mbps LAN
Integrated Intel PRO/Wireless 2200BG 802.11b/g Wireless LAN
Acer SignalUp wireless technology support
DVD-Dual double layer drive
Integrated Bluetooth

so far, I haven't seen any hardware compatibility issue, the sound,wifi,touchpad,bluetooth, even some of the functions keys are working fine.