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I checked the following on my netbook.

PhotoImpact X3 - NO. Screen Resolution too small.
Photoshop CS 8.0 - Yes - works perfectly.
Photoshop Elements 5.0 - Yes - works perfectly.

I didn't try any other image editors.

My other main reason for purchasing a netbook is to use it as a book reader. Adobe Acrobat 8 works perfectly.
Other installed and working programs include:
Microsoft Office 2007
Autoroute 2001
World Atlas 1998
Encarta 99
Cyberlink Power DVD 7 Deluxe
Corel WinDVD 9

This thread spurned me into checking PhotoImpact further - Despite owning Photoshop CS I still prefer to do most of mny work with Photoimpact.
I am pleased to say that PhotoImpact 11 and its associated programs
Gif Animator
Cool 360
All work perfectly on the Acer Aspire One Netbook.

PhotoImpact 12 also requires the higher screen resolution and so cannot be used.

Well that's an option, and some of them -- and I am thinking of at least a HP 12 inch laptop -- have Firewire too. But usually, with the Firewire, they are usually a more up-market model, and thus much more expensive than a netbook.

EDIT: Sorry, I hadn't seen Steve's two posts above. My response above relates to Kenneth's musings about buying a small screen laptop instead of a netbook...