I have it installed on a K6-2/400, 192mb. Sluggish but usable. Default browser is Opera, which I've really tried to like...then installed mozilla 1.6 yesterday. Also, it comes with KDE as standard desktop and Kopete it's standard IM/irc client. I dislike it intensely, gaim or psi and xchat will be installed today. Also, the Gimp doesn't install by default, you have to subscribe to their premium service to get it.
The install was a breeze. This machine has weird sound and video cards (on board crap) that require tweakage with most linux distros. Worked right off the bat, so that impressed me.
There's a thing called "Xandros Networks" which is their GUI frontend to apt. Seems to work pretty well.
Overall it seems very well thought out, was easy to install, and works fine right out of the 'box.'