Yes, why wouldn't we count it? It's an entry level laptop for a reason; it's going to have entry-level specs.
I mean, that's the strongest decision when evaluating a new machine for me. If someone wants to replace my machine, they also need to replace the software on the machine, and I don't think the Chromebook is even aimed in the same direction as Mac OS X. It doesn't have the breadth of software, hardware, or even file interaction necessary to get through the classes I took in college, let alone my self education.
If you know exactly what you need from your machine, the chromebook may very well be sufficient. I don't think you can depend on it as a general purpose computer quite yet.
I feel like saying it isn't a viable machine because of old specs isn't necessarily true since people will still buy it.