I have one of these and love it -- dual boot XP and Fedora Core 1.0. The MB is a standard ASUS NVIDIA nForce2 MB with GeForce4 video. Everything except the NIC worked out of the box with FC 1.0. You have to go to the NVIDIA web site, download the drivers for nforce2/linux, build them, then install them. Once you do that, your NIC will work.
Knoppix should also work as it includes the NIC drivers, I think (I used either knoppix or another CD to get the drivers the first time).
Go to:
http://www.emachines.com/support/
and enter the model number: T2865.
For drivers:
http://www.nvidia.com/object/linux_nforce_1.0-0256.html
Also, I saw a posting here a while back for a site that has RPMs of the drivers pre-built for Fedora kernels.
Cheers, -- Wade Hampton