Field update ... 4 days of diving, averaged 150 shots per day, Fujifilm S2Pro, RAF raw.
Download took 10-20mins, didn't time, usually doing something else at that time.
Batch process to jpg medium or high quality using PS Elements 6.0. 30-50min. Usually eating dinner.
A bit of a hassle switching from native resolution to higher resolution for download and batch conversion using method described above but workable.
Screen too small to do meaningful editing, although possible by enlarging only sections of shot.
Overall very pleased with the netbook and no regrets bringing it to Manado. It served for internet surfing, ebook reading, photo processing, etc.
Didn't try to load CS4 so can't tell you if it will be too slow.