I just ordered one of these: Trimslice Value for a total price inc delivery and tax of £262. It is reputed to be a reasonable ARM desktop/server (in contrast to the Sheevaplug which was an arse to get working). I’ll let you know how it goes …
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Richard WM Jones 
Sheevaplug is EASYPEASY, its just that its a relatively old CPU, without vector floating point, which is where the arm platform is going, and is binary-incompatible.
If you consider manually partitioning a low-level mtd device and risking bricking the thing with any mistake, then yes, easy.
This looks interesting. David Gilbert pointed out that the SATA is over USB2 though:
Here is the USB2 to SATA controller, no claims are made concerning its performance:
http://www.genesyslogic.com/_en/product_01_1.php?id=18
SATA SSD isn’t a big win for this machine since it will never be able to push the 250 MB/s through the USB 480 Mbit/s link.
I wish they wired up SATA over the PCIe.
Yeah I’m sure the SATA support sucks. However the model I ordered uses a 4GB micro SD card, and I’ll use NFS for home directories (which will suck even more!)