It should be fine. I would go ahead and load it up with the max 4gb memory since the video can use all it can get. This will still leave plenty for Ubuntu or even Windows Server if you went that way. Just note that this board uses DDR3 800 laptop ram. Not really an issue. Just don't buy desktop ram by mistake.
Also, just to throw it out there, the AMD E-350 board has better video than the Intel, and it uses often less expensive desktop ram. The CPU is just as good as ATOM also.