I installed Ubuntu 12.04 on a 64GB Class 10 SD Card.
I would not recommend it. I installed preload, took off the swap, disabled disk cache on browsers but it was still slow. But it worked, and that’s probably what you want.
My story:
Had windows on a 128GB SSD
Wanted Ubuntu on a 64GB SDCard.
If you wanna go this way you gotta make sure GRUB (and not the windows boot.cfg) is your boot manager.
Follow the steps on this thread that modify the kernel to load the sdcard modules
http://ubuntuforums.org/showpost.php?s=5cc607fc26815ce5fd89bddee599b84f&p=11915401&postcount=22
and it should work.