Um...
OS X 10.4 runs acceptably well on my old G4/*400*mHz tower with 640mb of RAM. Some of the translucency stuff in Aqua doesn't work, but that's because the video card doesn't support it. Everything else works fine. I've since upgraded to a 1.5Ghz Mac mini, because it was stupidly cheap and had a much better video processor.
XP barely even runs on a comparable PC, let alone Vista.
I've got OS X 10.4 running on a G3/233 first-generation Bondi Blue iMac, with a whopping 96MB of RAM. Except for the translucency thing (same issue as above), it runs fine. Is it a speed demon? No, of course not. But I'm just using it as a home server. And I could install Photoshop on it tomorrow, if I didn't mind some actions being really slow.
(For those of you playing at home, first-generation iMacs came out in 1998. This is a nine-year-old computer, released at about the same time as Win98, that can still run the latest and greatest OS today.)