Replace my HP with an Asus Eee?

I currently have an HP Pavilion dv1049cl thats about 3 years old now. Now the life of a notebook thats seen its share is about 2-3 years, so I'm worried that things might start breaking down and I'm not to interested in paying for parts that are expensive and hard to come by. I see that the Eee is only about a month away and I can sell the HP for about $300 right now.

Heres the thing, I don't quiet understand what the Eee has. I need something that I can, watch movies on the go, listen to movies or surf the web with either internal wifi, express card or usb. I have the AT&T Wireless data plan, will the OS support the software and is there a high speed USB port for tethering or express card slot? How much free space is left if I use a stripped down XP vs Linux on the flash memory? I heard the US version might not be as upgradeable as the Asian version? Can I load codecs to enjoys my favorite divx/xvid/rm(vb) movies? How about speakers for MP3? What kind of battery life?

HP Pavilion DV1049cl:
Pentium M 1.4Ghz
1GB RAM (upgraded from 512MB)
60GB HDD
8 hours (2 batteries to change out when I travel)
and I know I can use my AT&T Internet

Asus Eee
CPU Intel 900Mhz
512MB DDR2
4GB or 8GB flash HD (donno how much the OS uses and XP compatible 4.16GB on my PC)
3 hours (1x4 Cell)
4 USB ports, Network port, Modem, Mic/Headphone jacks and flash card reader

(Winamp/K-lite Codecs w.MPC/Motorola Phone Tools 220MB)

 

Way too early to tell but the Eee won't feature much space nor much else besides the main features it has(which is a no frills web surfing machine, simple word processing and video/MP3 playing). And the 4gb-8gb really makes the availability of free space hard to do.

 

from my understanding the EEE is just a bit higher end than the laptop designated "OLPC?"......and that aint great

but if what you want to do is the same as some do on their cell phones now, than it should be more than adequate, although I wouldnt expect more than a 1.5-2.5 hour battery life, it has an audio out port, well just look at this article

http://www.hothardware.com/Articles/Hands_on_with_the_ASUS_Eee/

 

Same article I just read, iPod on roids

Does look tempting.