In fact, I have an old Toshiba laptop with initially 256MB of RAM. It had both Windows XP and FreeBSD+KDE in dual boot. Windows XP takes forever to boot and runs like a snail. On the other hand FreeBSD was pretty usable.
But one day, some part of the RAM stopped to run stripping it down to 68MB. Even FreeBSD+KDE wasn't usable anymore. So I decided to use Enlightenment as a window manager instead. Installing only the strict necessary: xmms for listening to music, vlc for videos, emacs as a text editor and for coding, xpdf as a pdf viewer, feh as image viewer.
The performance is pretty correct. It doesn't have an internet connexion because I found out I'm more productive without it when coding. So I use it more than I expected to get things done.