Ok, so I decided to natively install Ubuntu 10.04 on my Studio 1555.. fairly impressed.. almost everything works out the box which is a bit annoying.
The only issue I’ve had is that the included proprietary ATI driver fails when you try to use suspend, however this is apparently easily circumvented by using the most recent driver from the ATI site (it was a bug with their driver.)
Using the open source driver results in poor power management, so I’d advise against doing that.