I first heard about this distro on Linux Outlaws podcast, checked out the EEE user forums and found poeple had got it installed on their Asus EEE's, so I decided to download and install on my 701. This is what the official website has to say about Crunchbang :-
"CrunchBang Linux" is an Ubuntu based distribution featuring the lightweight Openbox window manager and GTK+ applications. The distribution has been built and customised from a minimal Ubuntu install. The distribution has been designed to offer a good balance of speed and functionality."