The real issue is whether whatever flavour of Linux you are thinking of using will recognise all your hardware without needing additional drivers, and with most modern versions with recent hardware the chances are very good. As Chethan S mentioned, using a live CD is a good way of testing your laptop before you do a full install.
Doing a quick Google also often helps, and in the case of your 5030 there seem to be a few posts about getting wireless working so check these out.
In general, I have had good experiences with Linux 'out of the box' on Acer hardware - I run Fedora 14 on an Aspire One netbook (the original AA150) and on a 5735 laptop. I also have a 5040 that had Fedora installed for a while, but is now running Windows 7.