Hi,
I use my Efika MX as a server sharing two USB hard drives and that works fine, I use SAMBA and everything from my iPhone to my PC works fine with it. I also run SSH and VNC and they run fine too - I've not tried anything more meaty but I see no reason why it wouldn't work, the CPU is idling most of the time on mine.
The main difference to the NewIT distro is the compiling for ARM - but I couldn't be more specific than that since I don't use Ubuntu on anything else, bar a web server. Nothing major seems to be missing!
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Warfire