I'm not 100% sure, but the safest bet is that UDMA 4 must be the highest possible for the embedded SD. After all, no SDs can even reach UDMA 4 speed these days, they will always be slower, although there are higher quality SDs that are faster than the Aspire One embedded SD.
However, this is why someone is eager to risk, work, and pay to substitute the SD with a Compact Flash using an adapter. [
http://www.aspireoneuser.com/forum/viewtopic.php?f=7&t=59&st=0&sk=t&sd=a]
There are Compact Flash memories which can now get to dual channel UDMA 5, PIO mode 6, and MDMA 4, with a generous internal speed limit of 300x or even 350x when the newest type will come out (that will be 52 Mb/s read, 47 Mb/s write).
Note that most of these professional high speed memories also have integrated ECC which I don't think SDs can have.
The last specifications of the Compact Flash standard allow for even higher speed, it's clearly a matter of time before they get to FAST hard drive speeds.
I would even go for a small 4gb compact flash if it will have such speeds. After all, data stays on external HD, and a custom linux installs only have the software you want, never going beyond the 2gb limit. Upgrade RAM to 1 -1,5 Gb and you can go swap-less to increase storage capacity.