Having the same problems here(TM 242), i can add some other information:

- there is a report (linked from tuxmobil.de) http://www.blue-screen.at/index.php?...ocs/linux/acer, from someone who managed to install debian (german only). Basically it follows the idea to install an older, working version and update to a newer one.
An older Debian (kernel 2.2) works fine, showed a quick test. Inspired by this i tried an older version (Knoppix 2.2), but it freezes and screen remains black...

Just to mention:
- FreeBSD runs perfect :P