RAM bandwidth and speed, network latency, display sound like the most important. If that 133MHz pentium rendered a web page, it did so at 640×400 pixels, right? 16 colours? Or just in text? So it had to process about 4k (if text) or 128k (if graphics). Your current display involves a little more data.
RAM access takes about 10ns now, it took longer back then but not very much longer. Your sixteen cores can do an awful lot as long as they don't need to access RAM, and I doubt that you need sixteen cores to render a web page. The cores are fast, but their speed just removes them further from being a bottleneck, it doesn't really speed up display of text like this page.
And then there's the latency — ping times are a little closer to the speed of light, but haven't shrunk by anything close to a factor of 400.