In the past, I have been having trouble with using the SD card on my Acer Aspire One 532H-2326 netbook with Ubuntu 11.10. Last month I updated to Oneiric Ocelot Ubuntu 11.10 and while it is taking time for me to get used to the Unity interface, I am happy to report that the SD card reader is now working just fine with this latest version of Ubuntu.
I had a SD card in a digital camera that I recently took some pictures on, and normally I would boot to Windows 7 to transfer the pics. But on a whim I decided to give the latest version of Ubuntu a try on my netbook, and voila, it recognized the SD card and my pictures transferred over just fine.
With the latest version of Ubuntu 11.10 Oneiric Ocelot it would seem that just about every single feature is working, except for FN-F2, which turns the wireless on and off.