Fedora 14 Raspberry Pi Remix now available. Debian 6.0.4 available and Arch Linux port also available. OpenELEC media player distribution has also been ported to RaspberryPi - first port to ARM - but not yet tested on final production hardware, though working on the alpha boards.
Arch, Debian and Fedora torrenting - and proving very popular. It should be interesting to see how well the Raspberry Pi works in education - in the interim while the first batches go to developers, there will be a huge amount of use. What will be interesting is that this will mean LOTS of Linux hardware in people's hands at affordable prices.