I bought myself a new toy a couple of weeks ago. It's a Samsung NC10 netbook. Sure, it's an inferior laptop compared to the larger cousins but it was fairly cheap, is quite quick and is pleasantly diddy. It also seems to be recommended as the best all rounder in it's class. Even this week's Time Out says it's the one to buy(!)
The battery life is excellent (more than 7 hours between charges) and it happily runs Windows 7 beta and sits on my knee while I'm watching TV just fine. I may yet put Ubuntu on it soon if I'm feeling adventurous.