You may toss my answer to the wolves but it may give you a different perspective:
I have a netbook, an ASUS EeePC 900HA, and I've been on the hunt since last November when I bought it for a "fast boot" OS. The truth is, anything you may only want to wait seconds for (thus the fast boot) you should be capable of on your smart phone.
I eventually broke down and purchased a Blackberry. I'm not starting a smart phone debate, so please insert your favorite smart phone every time you read "Blackberry". My Blackberry lights up and asks for a password. I can check email, check movie times, make a quick note to self, make an audio note even. I can google map a location I'm not familiar with or use the messenger to say hi to a friend.
Outside of this type of work I use my netbook. It's a great little computer, but the truth is, if you NEED a 10 second boot, then whatever you can't wait for, you probably can do better by not using your netbook/laptop/desktop.
Will I wait upwards of 60+ seconds for a boot? Damned right I will ... if it works
Edit: In case you're curious, I use a regular install of Fedora 11 on my netbook. It rocks and everything works!