Coding Horror: Pressing the Software Turbo Button
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Possibly. But one of the advantages of giving developers comparatively slow machines is that it gives them a personal incentive to produce fast software.
Of course that's painful when bloaty IDEs come into play, but for web software I'd have to suggest using an under-specced deployment test platform to get some of this benefit.
For web software, you indeed want your test environment to be no faster than production, so it can be slower (within reason), especially if you have a hard time simulating in test loads you expect to see in production.
I remember back in the day working for a company whose websites looked gorgeous on the designer's high-end Mac displays on the LAN... The average customer at the time had a 56.6k modem.
More specifically I can't without taking a huge hit in productivity (and there are somethings I wouldn't be able to do at all on a Sparc station).
In order to do my job, here's a short list of what I run on my MBP:
Eclipse (explaining why Eclipse is better for my needs than emacs (which I used to use) would take a while, but lets assume I'm actually more productive with Eclipse)
Parallels Linux VM running Oracle 10 XE
Parallels Windows XP VM for testing with IE and IE 7, and running a couple of windows only tools I need on occasion
Mail.app
Adium
Safari
Firefox
iCal
iTunes
TextMate
OmniFocus
VPN Client
SQLDeveloper
JBoss + ATG Commerce JVM (768 MB of RAM)
JBoss + ATG CSC JVM (768 MB of RAM)
Ant builds triggered from Eclipse that compile hundreds of Java files and deploy 5k+ files to the various JBoss servers
The JVMs have to be restarted frequently to pickup code and config changes
While I'm sure there are lots of people who could do their jobs just fine on a SparcStation 5, or any old computer, there are some people who need large amounts of RAM and very fast CPUs in order to not spend their day waiting for builds, JVM restarts, and VMs to come out of swap, etc...
Intentionally slowing down development time just doesn't seem like the correct approach to me.
If your developers need to run Eclipse, JBoss, Oracle, SQLDeveloper, Safari, IE6, IE7, Firefox, run Maven/Ant builds, email client, IM client, etc... Then the faster their machine runs those builds, switches to the next browser, lets your app retrieve data from Oracle, etc... the better.
Ideally your developers would have the exact same specs as your users' machines + your build server + your web-app servers/cluster, if you want them to see things the same way they'll be seen in production. Since that's not really viable, lets settle for a really fast, high RAM, desktop/laptop with a big screen:)
It is important to check for performance on slow machines, but that can be done on a virtual machine.
Those suggesting the use of a separate slow test environment are, I submit, being unrealistic about real-world practices in testing.