I've finally got around installing Moblin. I've copied the image to a USB stick and attempted to boot the OS. The boot process didn't continue though. I got the following error:
/dev/sda does not contain a rootfsI might try tweaking the kernel configs some time to see if it would work. Meanwhile, I'll just install NetBSD.
/dev/sdb does not contain a rootfs
/dev/sdc does not contain a rootfs
/dev/sdd does not contain a rootfs
Eee's BootBooster reduced the boot time by skipping the pre-boot sequence. Eeebuntu
A quick googling revealed that coreboot is unsupported on an Eee PC 701. I've also stumbled upon flashrom's source code (Linux bios flasher), and it explicitly stated that Eee PC 701 has been verified to be unsupported. Oh well.