I love my $400 Lenovo X120e. The AMD E-350 chipset is fantastic. Weighs 3.2 lbs. 6-7 hours battery life. Does pretty much everything I need to do that I would do on a laptop. Before the X120e I owned an EEE which was equally fantastic.
They are abandoning the netbook market because the margins are too slim and the audience too few. Most people are information consumers that are happy with the tablet interface. The others tend to be professionals have the money for expensive powerful laptops with the netbook form factor.
Netbooks are great devices for frugal people that type a lot. If you need to do real work or play, no laptop is going to compete with a desktop.