I've been running Fedora 7 on my Dell Inspiron 1505 for about a year now, and it's been running pretty well after the initial setup pain. There were occasional problems with the wireless and video card drivers to be reinstalled after updates, since they weren't included in the standard repositories. I decided to try Ubuntu, mostly due to the fact that it's supported so well, and because I'm pretty familiar with Debian.
I had a DVD of a previous version of Ubuntu, but the install booted to a blank screen due to video driver issues. Happily, the latest version booted with no problem. I had to connect to the network using the ethernet port because the wireless didn't work off the bat, but as soon as I ran an update it started working. Ubuntu also alerted me that there was a proprietary video card driver available for my ATI X1400, and I just had to click to install it. Sound drivers and the front panel buttons were automatically detected.
So far, I've had a great experience with the install and use of Hardy Heron, and hopefully I'll get a good year or so of use out of it.