I've got a Wind U230 (almost the same as the Toshiba 100 extra mhz on the processor) And I'm really happy with it. Just so you know, it looks like it's actually designed for lap-top use, it intakes air all along the front edge as well as the middle and right side of the bottom, and exhausts it out the left side, and doesn't even get very warm during extended gaming sessions on my lap. (I had an old HP that would burn you if you left it on your lap too long, so i know this isn't a wives tale)
Now the 3200 HD and the ION (which is technically a 9400) are very close graphics cards, although the ION is slightly faster. The L335 is a real processor, however and is about equivalent to a 1.3ghz CULV. this means that in general use it'll probably be a lot faster than the Atom 330 in the 1201n, and will probably also game better, because any game that you are likely to play on a netbook is unlikey to be able to use a quad core. However if you are looking to do extensive data manipulation, etc than the 2 real plus 2 HT cores of the atom would probably come out ahead. (but who does that on a netbook?)
Finally there's battery life, I've heard 5 hours thrown about with the 1201n, and hopefully somebody who owns one will be able to tell us what they see, but with my U230 I see 4+ hours while surfing the web with the screen on medium, and I get about 2 hours while playing WoW with the screen on max bright and both the CPU and the GPU pegged.
Oh, also see if you can try the Toshiba before you buy it. It's got one of those annoying rockerbars for the left/right buttons, and that was a dealbreaker for me, because of the way I use a touchpad (lefty)
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