By consequences I assume you mean disadvantages...?
Some I can see:
- not all "common" apps are available e.g. Flash and Java can be problematic (but are fortunately available)
- browser plugins may not be available (can't think of any right now though)
- inability to run Windows and assorted apps, only disadvantageous to some...
- only a few Linux distros have ARM ports, fewer have
mature ARM ports
- performance is lower than e.g. Atom's (but power usage and efficiency is much better)
There may be other advantages, but those I can think of.
As for a "BIOS" as in what is found on PCs, you do not need that on RISC devices. You can change the boot device to the microSD card (primarily used to recover), that's about it.
The ARM architecture is not an issue when upgrading to 9.10 as it is almost fully available for ARM as well. As you said upgrading failed there must be an issue preventing this but it's not the fact the Netwalker is ARM-based itself.
Genesi's Efika MX smarttop has similar hardware and runs 9.10 fine.
It may be helpful to, sort of, see the Netwalker as a high-end smartphone (in terms of hardware similarity) minus phone/3G functionality (out of the box) plus keyboard, mouse and, most importantly, a proper desktop OS. You shouldn't compare it to a standard PC/laptop/netbook.
Just my $0.02.
PS: I noticed you PM'd me at Pocketables forum - I don't visit that anymore so in case you want to contact me, do it here