I wrote about acer-wmi being loaded on this netbook to the kernel’s platform-driver-x86 mailing list. That resulted in Chun-Yi Lee writing a patch which adds the S12 to the acer-wmi blacklist. Here’s the bug report.
I did a bit of googling on the ideapad-laptop module and noticed that Ike Panhc had written a series of patches which enable a few more of the Fn keys on the S12. The git repository for those patches is here. Those patches are also in linux-next already.
So, I cloned Linus’ master git tree, applied the acer-wmi patch and then git pulled Ike’s repo. Then I followed these instructions, expect that now Fedora’s sources are in git, so you need to do something like fedpkg co kernel;cd kernel;fedpkg prep and then find the suitable config file for you. Now I have a kernel which works pretty well on this system, except for the scheduling/sleep issue mentioned in the previous post.