Ah. It's got the distro that came with it when I got it from my coworker (Ubuntu 10, I think?) Which is woefully in need of updating, but should work just fine for hosting AROS.
Wonder how long it'll be before it can run native...?
As far as I know ARM-native AROS being worked on behind the scenes. However, some more user testing could help make sure the ARM ports are stable, so as you do have suitable hardware you could be doing us all a favour by testing it out and reporting back what you find.
I reckon you're right that Ubuntu 10.04/10.10 (whichever you have) will be a good candidate to host AROS on. If you'd like some advice on setting AROS up then posting on AROS-Exec, or chatting on the #aros IRC channel (on freenode) is your best bet for getting some helpful advice.