Admittedly, I didn't actually try to put the EEE into a handbag, but a couple of people very enthusiastically mentioned that such a feat would be possible. Now of course as I'm sure you know there are few subjects more serious than servers, this is the impression I have got over the years from sysadmins suspicious of developers! So we ought to see if some serious technology works on the machine, could we really use it as a web server? Or a database server? Maybe even for Drupal?
The EEE does lots more fancy multimedia stuff. One great program that is on board already is Amarok (although it has been renamed Music Manager here). This has got to be one of the greats of the open source world. Through this application you can listen to your music collection, listen to internet radio, subscribe to podcasts and it integrates with last.fm (so you can listen to streams and scrobble tracks).
I've just had the good fortune to have been able to borrow one of these magnificient little machines for the weekend. For those of you haven't heard the Asus EEE PC is an ultramobile laptop. Think "Honey I shrunk the laptop" and you'll have a good picture of it.