I have an Acer Aspire 1 (I used to have an ASUS but it didn't work right), which is similarly adorable and small. IF you have small hands and have a bit of a delicate touch, they work great. I have small hands and I can type on a teensy keyboard all day long. My partner's hands are around the same size but she finds she is way too 'heavy-handed' to type easily on it, to the point that she carries around a big old apparently indestructible desktop keyboard to use with the netbook. A lanky male friend of ours tried to use my machine, and his hand was the size of the whole keyboard and anything more involved than logging into gmail was impractical.
In summary, if you are clumsy or have big hands, you'll have a hard time with it. But there is probably some giant-pawed person out there using an EEE with delight.
One other thing that I thought about (as a fellow commuter-writer) is that while YOU know the EEE is a ridiculously inexpensive piece of hardware, the tiny cheap laptop phenomenon is relatively new and lots of the little computers are still expensive. Do you commute through a safe enough area that no one would try to swipe it from you? I would use my computer on one part of my ride, but not the other part. Unless you're like, a ninja or something, because no one ever messes with a ninja on the train.