Yes; and "terminalIDE" includes busybox to fill in the missing commands, vim, tmux, git, javac and gcc. It's fun, usable, but limited: you have to work around a few things.

Wintel is making a push, with extra cheap quad-core Atoms and Windows 8. I wonder if this might be easier to get full linux on?

BTW: The big problem with proper linux distributions on ARM/Atom is not not getting them to run, but power management.