More than adequate CPU, but you might want to max out the ram.

I'm running knoppix on (infact typing this on) a TP600 (P2 300mhz), but I have maxed the ram out to a massive 288MB ;o)

KDE is a bit heacy for it, but fluxbox flys.
Some animated web sites cause problems, maxing the CPU, but it's not normally a problem