I just don't understand this attempts to use shitty and cheap piece of hardware to do development. You are not coding for food, right? Why bother yourself trying to use something that will make you so counterproductive? Need powerful something - get desktop. Need something slim and sexy - get f * macbookair Need both - get pro Need internet connection on the go - get nexus if you use tablet. Oh don't need it -use tet…
Second thing you might be missing: computers have marched forward in spec, yet most of us don't need tons of power in any dimension of the spec. My cheap chromebook ($200 or so) has 2G of ram. I went though uni with about of order of magnitude less ram, and was happy. The 16G ssd it ships with is sufficient for anything that isn't movies, music or photos. The ssd probably has more iops than 2005 era hard drives :). So the chromebook is low powered compared to the desktops of today, but its pretty powerful compared, to, for example, the computers google or facebook used to get off the ground.
Third thing: cloud compute. If I find myself needing thousands of hours of cpu time, I can get that on EC2 or similar. And its cheaper for everyone to rent cpu time when needed on a server in a well cooled warehouse somewhere where power is cheap, rather than have idle cpus connected up to city power grids.
I own a cheap chromebook (and I'm amused by you saying cheap in a negative way :)), and its fine for what it is. Its slim. Its not as sexy* as your mother, but hey. It has a debian chroot with all the normal tools on it. I don't worry about it being damaged or lost as much as I would if it was 5x as expensive. If I spent the money on a macbook air, I'd be buying a machine to run chrome and a terminal window, and all I'd be getting for my extra 800 dollars would be a nicer screen and track pad.
* I do wonder about people who describe computers as sexy.