I think, it should work. Ubuntu 12.04.01 works quite well. I have seen it working on one of my cousin sister's laptop and she has had no problems using it. I would suggest you replacing the default Sata hard disk with a SSD and upgrade the RAM if you can for better response.
You may also find that battery life is a little lesser as compared to Windows. On a Windows 7, laptop battery will last for about 4 hours. With a Ubuntu, it will last you a 20 to 30 minutes lesser. Quite weird, but I have seen it in action
Also keep in mind, it is not a performance laptop, so things you could do with this laptop are not heavy duty stuff - with Windows or with Ubuntu.
Hope this helps.