Gury Hwa has posted step-by-step instructions in his blog on how to replace the Asus Eee PC 701's Celeron processor with an Intel Mobile Pentium processor.
To be exact he uses an Intel Mobile Pentium ULV PM 753 1.2G 2M L2. This CPU only consumes 0.5 W more TDP than an Intel Celeron 353 but it's much more powerful.
Gury Hwa didn't have to mod the bios to support the new cpu, he did run the CPU at 840Mhz default using bios 0801.
Head over to Guryhwa1121's Blog to read more about this remarkable hack.