I'm in the same situation and have never owned a laptop, therefore I can claim I know very little about them. I would like to find a cheap one just to do the basics so I can use it for school, mainly for the portabiltity of checking email and not having to relie on the campus computers for typing up papers.
I do know that Windows Vista requires at least 1 GB of RAM. I don't quite understand why laptop companies keep offering only 1/2 GB for the standard model, forcing the average buyer to spend an additional amount of money on 1/2 GB or more just to run efficiently. I have read a lot of customer reviews and all the complaints are about how Vista is so slow without that memory upgrade.
I wish you could just go with Windows XP instead and not have to buy it separately, while at an actual Bestbuy or Circuit City store. Sorry, for my lack of actual help.