450MHz will do just fine with software less sucky. Such software ain't that
well known, though, finding and using them requires some dedication and
willing to take an extra mile.
I have a 500MHz @ 192MB which will run netsurf / midori (web), sylpheed
(mail) and canto (feeds) very happily. Programming C / ncurses / python with
geany, pictures with geeqie, calendar with orage. pdf's with xpdf or mupdf,
Desktop with dwm, jwm, fluxbox or iceWM works great without all the clutter.
It is swappy though, so some kind of external storage (nfs/nbd?) for
disk+swap would be handy.
Flash is out of the game, and so is most of the javas****t. One could play
flash with vlc / mplayer once the file is local, though I haven't found a
good solution yet.