go for the netbook
I say go for the netbook. This is assuming you have another PC/Mac.
Netbooks are great as 2nd or 3rd computers. I just got the Acer Aspire One with the 6 cell battery and so far its great. Small, lightweight (about 2.2 pounds), good battery life (with the 6 cell battery).
Best of all, these can be brought for around $400. So even if it only last you 1 year, you would get a new/faster one the following year without any regrets.
Keep in mind, that you can do basic things like internet, word processing, power point. These are things 80% of people in the world do anyways.
Don't expect it to perform like a high (or even mid range) laptop. Don't expect to do heavy multi tasking. But that's not what netbook are designed for anyways.