Okay, after a bit of testing I thought I'd share my findings.
The installation was really simple, even though I had problems at first due to a wrong Busybox version - but I downgraded to 1.18.4 and it worked just fine.
I've tried both the "full" install and the "small" one. Both installed without problems, but the "full" one noticeably slower, even when running LXDE desktop environment. Guess that's one of the prices you have to pay for a system with way more applications. Apart from being kinda slow, mostly everything worked fine, the only problem I found was that if you wanted to change the background color of the terminal (the transparent thing wasn't doing it for me) it crashed. Otherwise I've tried out firefox, thunderbird etc. and it all worked fine.
On the "small" install, things seemed faster, CPU/memory was definitely stressed much less then in the full version. But, I ran into a quite big problem - terminals inside the GUI don't work at all. Everytime I run the lxterminal (tried installing some other terminals too, same problem) it starts up, but doesn't do anything. It doesn't even show the usual prompt (for instance "root@localhost>" or something like that). That means you can't run any terminal commands or apps (like top) through the GUI. You CAN however, run apt-get install through the terminal emulator you used to start the whole thing up.
So I worked around the problem by installing stuff from the terminal emulator, then trying it out in the GUI. It works, but it's definitely a real setback, since you can't even do simple stuff like "python test.py" etc. (well, you can through the terminal emulator in android, but then you're limited to text stuff, can't start up tkinter or pygame for instance).
I've managed to run a simple game made in pygame, and it actually had around 20 fps, but since you're looking at it through android-vnc, there's no way for stuff like that to be playable. Felt nice to see your python work on android, especially if you're not on good terms with Java :P.
I'd also recommend setting the resolution to something smaller, since you have to take the status bar into account - if you don't do that, you'll have to "scroll" up and down to see the whole screen - I've settled on 1280x720, seems to work fine for me.
Another problem I've noticed is that the Esc, F1, F2, ..., F12 keys didn't work inside linux (I'm using an Apple Wireless keyboard). Also, I couldn't play any music files (wanted to see if voice was working).
I'll definitely play around with this a bit more, and I can see myself using this (probably directly through the android terminal emulator, since it detects all my keyboard keys and has auto-completion etc.) for some non graphical programming in Python and C on the move, even without a hardware keyboard it's manageable.
What about anyone else? Did you try it out and what did you think? Anyone has any solutions to my terminal and special keys problem?
PS: Touchscreen doesn't have any problems, you have a few different input modes that you can play around, I haven't found one that would suit me perfectly though (the one I like best can't right click it seems). Ah well, nothing's perfect
If my post helped you then hitting the "thank you" button is the right way to go
Shameless advertising of my blog: http://www.natan.termitnjak.net/
LG Nexus 5 - Stock
Samsung Galaxy Tab 10.1 (3g, 16Gb, black) - CyanogenMod 10 nightlies compiled by pershoot