It's almost overkill, and I'm talking about the 900MHz Athlon, many people using OpenBSD use whatever they had available at the time.. I've been using a Pentium 3 for a few years now, before that it was a AMD K6-2 and before that a P1 and my first one was an i486. I only replaced them due to hardware problems usually, they could handle the network load fine.
A lot of people use OpenBSD on critical systems, you won't have a lot of problems doing so at home.. not if you're willing to put the time into it.
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