I’m with SeZo … I’m not really sure there ever was a need for “netbook” distro’s … just pick a distro with a light desktop and you’ll be fine.
If Unity/Gnome3 did us any favours, it’s that there are more distros around offering alternative (and usually lighter) desktop environments by default, and/or the ones that already existed are getting more coverage.
So in a way there may be MORE distros around that are suited to netbooks, they’re just less likely to be labelled as “netbook specific”.
Yeah, Ikey pulled the plug on it, but he’s continuing in FOSS and is in the middle of creating a media player called Budgie. http://ikeydoherty.github.io/budgie/
Distrowatch did a review of Point Linux last week - it’s based on Debian Stable, running Mate. Light RAM usage, and really quick apparently. Should suit netbooks (although I haven’t tried it myself). Worth stating that the next Debian will probably run Xfce, so although it’s a couple of years away, will be worth keeping an eye on.