I have run it on my Games PC. This is an Athlon 1800, 256Mb RAM, GeForce 4MX.
The graphics defaults were perfect.
It felt a lot like Half-Life, actually. Now you're probaly going to tell me I'm full of shit and that it's nothing like Half-Life. Well, I disagree. All three Quake games had unique feels - but unique Id feels that no-one has managed to copy. Half-Life also had a strong and unique character, but it was distinctly "not-Id" and clearly intended to be so. I never played the original Unreal - but UT seems to borrow more from Half-Life than from Quake 3.
The biggest trouble I had was figuring out what weapon I was holding! The Quake weapons are highly distinctive; the UT ones were ... well, not really.
Wade.