I installed Ubuntu on my Touchpad. It's pretty cool, but it doesn't have sound or video acceleration. However, programs like
OpenOffice Libre Office and simple games like Solitare work wonderfully. It is a two core 1.2+ GHz processor, after all.
I wouldn't recommend installing it since the only way to use it practically is if you have a Bluetooth keyboard. Then you can do good word processing and programming on the go.
thinking about doing an ICS upgrade finally but i was wondering what the current drawbacks are.
no netflix, spotty wifi, and high battery drain. correct?
There is Netflix and YouTube HD now. Works wonderfully.
Wifi should be the same as, maybe a little better than CyanogenMod 7. It is supposedly spotty, but in my situation, I only have a problem with connecting to my college's network.
I can't speak for the battery.
As for other downsides, unlike CM7, The camera doesn't work at all, and the microphone doesn't work either.
Unless you have a serious need for the camera and mic, I think there's zero reason for you to not upgrade to CM9 Ice Cream Sandwich at this point.