Let me speak from experience, and step around mere opinion...
I took out my 1999 Orange iBook 300mHz clamshell from the closet yesterday and powered it up. It was modified in 2003 to have a 30gb drive and around 500+ MB, it has an Airport card from 1999. What I want to do is get it ready as a gift for someone that will use it as portable internet/writing/graphics computer.
10 years since I purchased, the battery is dead, but it runs on power cord. On Ebay I found a new and BETTER battery for $60 delivered. Worth it.
I've put on 10.3.9 and loaded it with PS7, Acrobat, Illustrator, Painter, VLC, and Office from 2001. They all work. It is a little slow, especially in graphics. 10.3.9 works well enough but you get a second or two lag here and there as you start programs.
The screen is small. Tiny. 800x600 is now cramped when in the day it was quite sufficient for internet. Overall, this is an excellent, cheap internet toy. For $150 it is worth it, but with original drive size I am not certain. It will never be a Porsche among Fords, but it is a Ford among Porsches--it gets you there without flair.
The design is still excellent. Those who argued over the "toilet seat" and "man purse" look are merely choked up on their own bile. It's a stunning design and exceptionally rugged and durable. Not sure if this thing will still be worth running in 10 more years, but it will work for the next 4 or 5.
The faster ones are naturally better. If you find one with a DVD it is best! The only thing I lament on mine is a lack of a DVD player, but I can download torrents and play them. Music is fine. Office 2001 for OSX is good! 10.3.9 is fairly modern still, but lacks many of the bells and whistles since 2005.