I've got a gaming desktop and a netbook, and I thought I'd give it a whirl.
Just for reference, I have a very, very, very non-gaming laptop. It's a Lenovo S10-3T, with an Intel Atom CPU at 1.66Ghz, 2GB ram, and an Intel GMA 3150. This is definitely nowhere near the top in netbooks, which is already low.
Anyway, the game requires 1024x768, so if your native resolution is 1024x600 like mine, you'll have to see if you can do a registry hack. Once I did, the game booted up without issue.
Using fraps on clothmap only, you'll get around 11-12fps, with a slight dip when you begin to move the map around. It's quite playable- just not very glamorous. Since on clothmap there's no animations to speak of, I doubt you'll really notice except for when you start moving the map around. Even with the Reactor panel open, there was no degradation in performance.
Just for s***s and giggles, I tried turning on 3D mode. At first, I got 2-3fps. After I lowered all the settings, the game just crashed on me.
As a note, I loaded a small map with as many AI as I could. I have no idea right now what would happen if you loaded a large map.
Still, if you've got a notebook/old laptop laying around, it might be worth your time to install Elemental for a bit of extra gaming. I'd say if Stardock could get the clothmap to average 20fps or higher on clothmap, they really should market it as netbook-compatible.
Unfortunately it's late at night for me, so if there are any questions, I can't handle them now. I'll try to check in the morning. I'd be interested to see what kind of results others are getting with their netbooks.