Shouldn't be a problem. I have been running LMS and its predecessors on various Ubuntu/Mint installations since Ubuntu 8.04 if I remember correctly. I recently moved my LMS to a retired Asus Eee running Crunchbang, so I haven't tried in on Maya. Can't believe it would cause any serious problems, though.
As for installation I simply use the Debian/Ubuntu deb package from http://www.mysqueezebox.com/download
. I believe that Logitech still has a Debian repository, but it has been flaky in the past so I just update manually when needed. New versions tend to introduce new bugs, so I usually watch the Slimdevices forums for bug reports for a while before I update.
One thing you will notice if you have previously used LMS in Windows is that there is no tray icon/configuration utility in Linux. It is not a big deal, though, since pretty much everything can be configured from the LMS web interface.