In my experience Toshiba behaves very well with Arch. I have two Arch installations on Toshiba Equium with the older Intel(R) Pentium(R) Dual CPU T2310 @ 1.46GHz. No problem whatsoever; even Networkmanager works.
You Have the Intel Atom and that is supposed to be good for media streaming etc.
The only downside I see is the 1024x600 resolution. It would be better with 1366x768.
(You check what it can take with xrandr -remember?)
Arch is perfect for notebooks. As always for the greenhorns I will recommend Mandriva, Mint or PCLOS because of the intuitive and easy setup. You have to make manual partitions for a dual boot setup with Arch.
But for experienced users Arch is perfect.
The only small downside with Toshiba laps is that they literary can be hot.