I have an EEE PC too (1201N, Nvidia Ion chipset), it does run with no error but it's slow and unplayable.
I guess this game isn't suitable for netbooks.

Thanks for answering, I'm not even able to play it due to immediately shut down. But if it is unplayable on EEE PC 1201N it is surely not playable on 1005PE, but I wish to see it :)

Have you tryed to right click on the exe and choose run as administrator?

Yes, I have, but this game also closes as soon as it is clicked. I suspect that Win7 Starter may be an issue. On win7 Home Premium on big laptop it works perfectly (but that one is not so mobile as EEE PC)

The game is locked at 1024*768 resolution. Are you sure your eeePC can handle this ? I can play Sacred decently on my N10J netbook, but only by downscaling the video to fit the 1024*600 screen.

I've test yesterday on my 1201N and I confirm the game is playable, but very slow in max zoom out.
The problem is that the game is not safely playable in middle or low zoom we can't anticipate enemies.
I try with an overclock to 1.8Ghz but it's exactly the same. I think the probleme is much more like a Hard drive or chipset bandwith wich is not fast enough to stream the data.
In middle zoom the game have a pretty good FPS so i'm not sure it's neither the 3D card nor the processor.

I tried again yesterday and I'm almost convinced that it's the tilling system and the high HDD and memory bandwidth the problem.
I can play TitanQuest with the 1201N fluently. I couldn't with my old N10J without overclock so the processor should be enough for Sacred.
In other hand, the game is not really smooth on my desktop PC so maybe it's a compatibility problem (but I tried all the tips described here)