I have similar one (not with me atm, not sure the exact model), which runs i386 -current full time. I find it too slow to do compilations on it, so I use a VM on a fast XenServer to d my builds, which occasionally include building live image for i386. I then just write the resulting image to an sd card and boot the Eee from it (I still haven't figured out how to extend the partition size to use the entire sd card, the build scritps have predefined sizes).
As far as the other query, the usual sequence is:
- insert the media (USB stick or SD card)
- check the dmesg
- run disklabel on the last seen disk type device (sd/ld/whatever device)
- mount the necessary partition