Is there already a specific tailored distribution for the Raspberry Pi?
My specific concern is about the lifetime of the SD card hosting the OS image. Other distro addressed that like, for instance, Voyage Linux for the Alix board.
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Yes, the Raspberry Pi foundation have just (this morning) released their own distribution based on Debian.
This currently provides many advantages over other distributions as it as been built from the ground up for the Raspberry Pi. The major change is that the kernel and applications have been compiled with hard floating point support, which should improve speed quite drastically.