Well I just installed Fluxbuntu 7.10 on my PIw/MMX (233Mhz, 128Ram) Dell Inspiron CP laptop and it works pretty good.
It took me a while to figure out to set up dial-up internet access I needed to run
May not be overly smooth, but it does the job.
wvdialconf (to detect the modem and set up the wvdial.conf file)
sudo nano -w /etc/wvdial.conf (to enter my login information)
wvdial (to actually dial-in)
Now my big issue is that I can't get the resolution to improve from 800x600! Ugh! I know the system handles 1024x768 but I can't seem to get to it and modifying /etc/X11/xorg.conf doesn't help.
Otherwise, it's fairly responsive and it's working.