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As you have guessed from the name, Xubuntu uses the lightweight XFCE desktop environment instead of Gnome (in Ubuntu) or KDE (in Kubuntu.) Do not think that XFCE is less capable compared to Gnome and KDE. Instead you can run the same programs in your Linux computer and enjoy a better performance. Your key applications such as your web browser, Microsoft Office compliant office suite, instant messaging, photo management, and multimedia applications will all be installed.
Since Xubuntu uses Ubuntu repositories, you will be able to access all the programs that are available to the Ubuntu community. This means, if a program that has a functionality you need is not installed by default, you can simply go and install it from your package manager (or the famous apt-get command.)
Xubuntu comes on a CD and requires 256 Megabytes of RAM and 1.5 Gigabytes of hard disk space. It follows the standard Ubuntu releases and is updated frequently in line with Ubuntu.
Fluxbuntu is all the same, but uses the Fluxbox desktop environment instead of XFCE.