i have a four-year-old old windows xp box (1 GHz) that still flies with 384 MB RAM (PC133).
back on topic--this thing has been around for a few years in different incarnations. it's interesting, but there are a few huge problems with it:
1) this is a pocket device but runs a desktop OS. that means no instant on, no instant access to PIM apps. you'll still need a palm.
2) who wants to run a destop OS on a 4 inch screen? thos are going to be some tiny pixels. tiny pixels lead to tiny text.
I think this thing is pretty cool. mostly just for geek factor though. A business traveler couldn't really work on anything on an airplane with this thing, the screen is too small, the keyboard is not useful for any real typing beyond a short email.