Hi, I also have an acer aspire 5050 (AMD 64bit CPU).
It came preinstalled with Vista Home Basic which I decided to get rid of. I downloaded a copy of SUSE 10 Enterprise Desktop (5 CD iso's images from ftp://ftp.suse.com/pub/suse/x86_64/10.0/iso/
)and burn't them to CD, and installed it straigt off CD.
It installed fine with Gnome (havent tried KDE). There are certain problems that you need to tweak before it all works ok.
The 5 in 1 card reader wont work at all, but I have heard that it might in future kernel upgrades.
The sound doesn't work untill you edit a file (follow the guide at http://nosrednaekim.wordpress.com/2007/05/28/linux-on-the-acer-aspire-5050/
) after doing this and rebooting it works great.
The graphics was another issue, I have an ATI Radeon Xpress 1100. I couldn't get 3d accelleration to work for ages, but have managed to now. First off you have to download the ati driver for the "Mobility Radion X300" for linux (x86_64 for 64bit CPU) from http://ati.amd.com/support/driver.html
. When downloaded just run it in a terminal ("sh ./ati*%$%*%$*%"). Then after rebooting (the tricky part for non linux geeks!) open a terminal, "su" to root and run "init 3" then log in as root and run "aticonfig --initial -f" when complete run "aticonfig --app=maya --fsaa=on --fs=4 --ovt=opengl" then when complete run "aticonfig --effective=now" then "init 5". Now log on and you can enable 3d in display properties (in control center). The 3d desktop is so much better than Vista could ever be. I have only just got my graphics card working and I havent messed about with all the settings yet so you can probably get it working alot faster with some tweaking.
If you're interested in porgramming or compiling programs for your OS you will need to "build your Kernel" this takes a bit of time but a good guide is at http://www.howtoforge.com/kernel_compilation_suse
i skipped page one and some other bits)
Hope this helps, and you enjoy linux.