I'm using an ASUS netbook (1001PX) and it's reasonably fast. It has a nice
Matte screen. You can get a cheap refurbished version of this netbook.
I mostly disable JavaScript (via NoScript) and Gnash/Lighstspark (I usually
use workarounds such as Viewtube, Linterna Magica, youtube-dl,
youtube-viewer, Minitube and quvi). For my use the netbook is more than
adequate.
Playing 480P and 720P YouTube videos works great via ViewTube or by
downloading videos via youtube-dl unless Google changes the API (in which
case it doesn't work for a few hours). Gnash does work, but videos are choppy
(it looks like a slideshow). The video works with Lightspark but sadly audio
does not (it sounds really bad). Lightspark can be useful to find the media
URL (via Wireshark) and then view it using SMPlayer.
As for battery life with a 6 cell battery I can get 4-5 hours (or more when
connected to external monitor) when using powertop and turning off display
when inactive. With a 3 cell battery it is between 2 and 2 and a half hours
(but it is much lighter). Apparently there is also a 9 cell battery which
might provide longer battery life.
There are a few downsides to the netbook:
It has a b/g wireless card (AR2427) so its reception range is poor. It does
work with the Linux-libre kernel.
It has a shared mic/headset port. Not a big deal really as the internal
microphone works.
There is no bluetooth. Other ASUS models have bluetooth. I don't use
bluetooth these days so it doesn't really matter to me.
The webcamera is really poor (0.3 Megapixel) and the screen resolution is
very low (only 1024x600). If you can access an external monitor then the
resolution is much higher (e.g. it works with monitors with 1280x1024
resolution). You can always get a much better external webcamera anyway.