@ph3412b07: oh, it will take its sweet time opening it - theres's no doubt about that. These machines' raw power is no higher than that of mid-range laptops from 2003. It is, however, OpenGL-capable (I'm not talking about a reduced OpenGL set, I'm talking full Mesa GL support), so it CAN handle it. It's slow, so you can't use it with the full set of goodness and speed the same application would give you on a dual FireGL machine (forget Phong-shaded real-time edits, go back to wireframe), but opening a project file, and then doing a low-res (or medium res if you have some time to kill) rendering for a presentation is very possible - as it's still a PC. A slow one, for sure: like this old workstation you keep in a corner in case your main workhorse craps out right before you have to deliver a project.
This is an extreme case: whoever starts using his netbook as a regular 3D workstation is crazy. However, uses like on-the-go video viewer (think DivX), very small office space (think scrapbook, pen and plane support tablet here, then replace the scrapbook with the netbook, OpenOffice, Inkscape, Gimp and Xara), portable game console (you do know it's fast enough to run a Neo-Geo emulator and play, say, Metal Slug 3, right?), and you have an idea of what I use my netbook for. It's also very nice to scan USB key for virii, as said higher (and little chance of infecting it, use GNU/Linux 😀)
I have kept a Thinkpad a20m for years (it still works), tweaked every way I could think of, until I ran dry of affordable spare parts (it did have, at one time, 60 Gb of HD space instead of 5, 384 Mb of RAM instead of 64, a wi-fi card with homemade antenna instead of a 56k modem, an ethernet port and an additional USB 2.0 hub); the netbook is everything the Thinkpad was (ok, the higher-def screen is also much more color conforming), for a third of the size. The USB DVD burner I got for another machine also works very well with it.