Specs are specs. It isnt going to be any less powerful. What you are paying for is quality. How well is it built? What is the keyboard layout like (one of the most important questions when buying a laptop--I have seen some crappy keyboards that ruined an otherwise good laptop--think Toshiba).
Dells are OK. I dont know how long they will last as I dont personally have one. They dont feel as solid as an IBM does, but then, not much does.
Get 512MB of RAM. Make sure it is in one stick (not 2x256) so you can upgrade it later if need be. As for processor, go with the Pentium M/Centrino (not Pentium 4 M). The gains in battery life are well worth it.
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"Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws."
--Plato
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