Having used both I am sure that you will more than fine. You could always try the meego installation for a little first and then if you do not like it download Ubuntu and try that perhaps from a pen drive and see what you prefer.
I have used both and they are both brilliant on a netbook. Ask perhaps yourself what you like about the Meego installation and then try the Ubuntu from a pen drive and see if there is any difference.
Meego can have some issues with wifi and graphics cards just like Ubuntu but as it is preinstalled it will be fine but you may need to be aware of them prior to any upgrades you do as that can get tricksy afterwards if your wifi or graphics card drivers need updating too. That said that can also be the same in Ubuntu. You can look both on here
Meego Netbook Forum
and perhaps have a look at other sites and blogs to see what trouble and solutions people have with the hardware that is in this new Meego device. I did a Meego blog (check my profile for details) of common things I had to do.
I have to say I was pleased to see a netbook release of meego on hardware and this looks like a nice model.
I have no doubt that you will enjoy it and if you do not ...stick Ubuntu on. :)