I've written several pieces on this forum on the joys and problems of Lucid on a mini 10v. Overall, I'm delighted. I can probably answer any questions you have. Currently the one remaining bug that especially affects the mini 10v (and presumably the mini 10) is a VERY long wait when fsck is forced on bootup. Pressing an arrow key while this is happening will get rid of the splash screen and the problem. It can only be a matter of a few days before this problem gets fixed,
If you decide to go for it first make sure that you can restore the original system if you find you need to. I am using Netbook Remix - it's my preference. Run from the live CD first and see if you like it. Formatting: up to you, but I've formatted my entire 8Gig SSD drive to ext2. If you have an SSD drive, this is probably the best option. On Dell's published figures, ext2 is faster than ext3, and because it is not a journalling system, it is less write-heavy. With an SSD, you are better not to have a swap partition. If you have a conventional disk drive, you might want to go for the defaults and use ext4 and a swap partition. I am happy to write in much more detail if you (or anyone else) wants to give it a go.
I have to say I'm really delighted with the mini 10v now it is running Lucid. Hardware-wise it is fantastic - my only grumble is the stupid useless button on the bottom row with a Microsoft symbol on it! If ever I get the time, I might write a piece of software to capture that key and make it do something useful. I can honestly say I've been using the Netbook exclusively the last few days because it runs much, much faster than my Dell Optiplex desktop PC. I really must wipe Windows from that and install Lucid!!!
All the best. Barry