DSL 4.4 was just released on June 9th, so this past weekend I installed it on my Compaq Deskpro Pentium III 800 Mhz machine. It only has 256 megs of RAM, so a lightweight distribution like DSL is a good choice for it.
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In conclusion, I think DSL is a cool little distribution. DSL is one of the two lightweight distros of choice, the other being Puppy Linux. DSL has the advantage in the range of packages available when you consider you can add Debian Woody repository to the mix. DSL also uses slightly less system resources. It also is a multi-user operating system, so your not running as root all the time. If I were going to run a server I would definitely pick DSL over Puppy. In Puppys favor, you are using GTK2 apps, a Linux 2.6 kernel, and Xorg. The use of Xorg and the 2.6 kernel made Puppy alot easier to run on the systems I have tried. For instance, for better Wi-FI reception I like to use a Hawking USB Wifi Dish that needs a zd1211rw module to work. This module is included in the 2.6.18 and above kernel. Flash was also working out of the box with Puppy. Lastly, I also preferred the Arctic Ocean wallpaper and icon set of Puppy over DSL.