I am running 12.10 on Acer Aspire One 722 right now. It mostly works fine. my only current issue is the internal and external microphones are not working. There is a bug report.
The graphics performance in Ubuntu is not as good as in windows.
There is a ton of information relevant for 722 in the 522 page:
The following thread in ubuntuforums is also useful.
Update: the internal microphone works after the upgrade to Ubuntu 13.04. Everything works!
Hope this helps