I have tested it on a ThinkPad T23 with a Pentium III-M CPU and 1024 MB RAM running Ubuntu 10.04, as well as an early Pentium 4-M Windows XP-equipped laptop we needed to set up as a kind of an info kiosk at work. Opera felt way more responsive than Firefox, Chromium or even Midori on both. If Opera switching to WebKit makes it no longer reasonably usable on this hardware it would mean replacing those machines sooner rather than later. It's not that big of a deal, but the costs can build up with volume and I'm sure we aren't going to be the only ones affected.
Edit: rephrased for clarity.