Revision 104
Status: booted
ubuntu core, custom kernel by unknown-obvious, lubuntu-desktop, lxde. xorg. chronum
16GB microsd (older sandisk, but fast)
2GB FAT partition, 1GB swap

It's working fast, very fast . Boot time is also very nice. I need install icons, because I haven't any icons (white blank icons) and wifi gui - wpagui not show any interface, libicou (or something like that) is missing.I may try wicd tommorow. It's working nice, but needs more programs. I will test it tommorow. But it's very good project

EDIT: Thanks for workaround for blank icons. I installed wicd network manager and it's working good, but every reboot wlan0 has one more digit (wlan9, wlan10, wlan11 etc)
Ubuntu with lxde is working quite fast, sound is working (I must install alsa-utils), batterylife is not terrible. What about OC 500-900MHz ? It will be faster.