I have two Aspire Ones, one Linux and one Windows XP. The Aspire One with Windows is a much beefier machine than the Linux-native model. The only real problem will be in getting the appropriate drivers for things like the sound card and smart card readers under Linux. If you use a lot of peripherals, take time to investigate whether those peripherals will still work after you migrate.
Linpus Linux is what shipped on the Linux native model, and to be actually useful, it must be "rooted" similar to a smartphone. Frankly, I was not impressed by it. The more robust Windows model should be able to run any version of Linux. You also can install Linux from a memory stick, thus eliminating the need for an external CD drive.
A few web searches (I used "acer one migrate from windows to linux") will give you more specific information such as:
http://www.ehow.com/how_8380156_install-acer-aspire-one-zg5.html
http://support.acer-euro.com/drivers/notebook/as_one_110.html
Good luck!