Hi,
I have simple question...will it run on netbook? (EEE 1005PE) Its not so old game... so it probably wont...

Right now, it doesn't run, period! See here:
http://www.gog.com/en/forum/king_s_bounty_the_legend/corrupt_file
But I wouldn't get my hopes up regardless; check the system requirements (2.6 gHz processor, for one, and a dedicated graphics card).

According to Wiki, GMA 3150 (that your netbook probably has) is a cut-off version of GMA 3100, which is worse than GMA X3100. And on GMA X3100, which is in my laptop, the game is practically unplayable :)

I've downloaded the demo (while we wait for GOG.com to solve the problem noted elsewhere with a corrupt file) and was actually able to run it on my Acer Aspire One D250 (Intel GMA950, running Windows XP, 1 GB RAM).
You have to edit the game.ini file in the game's directory (or in the My Games folder) to set the resolution to match your netbook's screen (I set it to 800 x 600 to be sure). You will also need 3DAnalyze and set it to emulate HW TnL. If you don't do both these things, the game will not start.
Now "running the game" isn't the same as it actually being in a playable state, and even with all of the settings turned low the frame rate is horrendous, and even the pre-rendered cinematics chug. But it does work. I imagine if you have a slightly beefier netbook (or a relatively low-end laptop), you may just be able to play the game at an acceptable level.
You can always just download the demo and give it a try, see if it works on your system.

It runs fine on ion-equipped netbooks.