Hi,
I also like using my iMX53 QSB with a desktop environment, about the Ubuntu version described above I think the one Hitesh recommends is the best option (as he mentions you'll need WindowsXP).
About the other distributions mentioned; the Ubuntu and Linaro folks are doing a good work, unfortunately the latest versions of Ubuntu precise 12.04 run slow on the iMX53 QSB.
If you want something that runs smoothly, you can try Ubuntu Oneiric Ocelot (11.10) https://wiki.ubuntu.com/ARM/MX5
Also since the development of Linux for ARM devices goes fast, thanks to the folks of Linaro, Ubuntu and Debian, with new images coming out every month. I suggest getting one or two additional SD cards so you can test the images as they get released.
The current distribution I use is debian squeeze armel, I found that it runs very smooth and plus there is a ton of software I can install by just doing 'apt-get install <package>'. What I did was create a minimal Linux 2.6.35 boot and root file system using the steps found in the document of this thread:
http://imxcommunity.org/group/imx53quickstartboard/forum/topics/ubuntu-11-10-oneiric-64-bit-virtual-...
As you see is not the latest Linux Kernel but it has all the patches by Freescale, something the Linaro kernel doesn't have.
Then I replaced the root filesystem by a Debian one I created using qemu and the steps defined in this page: http://www.aurel32.net/info/debian_arm_qemu.php
If you need more details on how to create the root filesystem, I found the following youtube videos very useful, they are for another ARM device, but the process is basically the same:
http://www.youtube.com/watch?v=c0P80XrnCmY&t=275
The downside of building the distribution that way is that I had a hard time compiling the gstreamer plugins provided by Freescale, without them you can't have accelerated video playback. Also I still don't have 3D acceleration and probably never will since they are released as a binary that it seems not compatible with the clib that Debian squeeze has.
Hope the above can get you started, as I mentioned before new things come out every month and is better to have some SD cards in hand.
As other resources I been trying to build a Linux installation using Debian sid armhf using the instructions in this page:
http://wiki.debian.org/InstallingDebianOn/Freescale/QuickStart
but I got stuck since there is a broken package on Debian sid and the root file system fails to build.
Also as a final thought as you can see, all the steps described on the on the links I've shown and in the video require Linux, I suggest that if you have windows; you setup a Virtual Machine with your favorite Linux distribution.
Hope you got enough to get started.
Enjoy!!