After porting Bodhi Linux to run on Google Chromebooks, developer Jeff Hoogland has released some images that will allow you to run Bodhi Linux on Nexus 7 tablet. This will be one of the first few distros that are able to run on ARM tablets, Ubuntu being one that is well supported.
The developer has posted a video on his blog along with installation instructions. However, he thinks that this is an alpha quality release and may require additional work to fix up things. Also, you may run into problems so its not recommended for daily use.
According to the developer, the user interface is semi-functional and touch screen and wireless work quite well. However, there are problems in the sound that hopefully will get fixed soon.