because not everyone can read Dennis' PM (maybe theres a lurker out there...) i can go for the quick once over...
RC5 - project by distributed.net, it set out to prove the infeasibility of 64 bit encryption in the age of large datacenters, but at 3 years later and a third of the way through the keyspace (all the possible keys to the encrypted data, 2^64) its more proven the feasibility of said encryption. i expect the keyspace to be exhausted within another 14 or 15 months given accelerating computer speed. also, the expected value of finding the key is just a couple months off (the halfway point). the RC5 dnet client also includes other projects such as OGR, which i'll get to now. athlons and durons are excellent for this project.
OGR - is a project to find optimal spacings for frequencies and other wave form phenomenon, AFAIK. IMHO it has more scientific merit than many other projects out there. currently 24 node (?) OGR is almost finished up, and 25 is becoming more common in dnet's packets. perhaps someone more familiar with this project will speak up. K6s are better for this project than any other.
Seti@Home - this is probably the most common DC project, with more than 2 million registered users. S@H analyses radio signals piggybacked from the arecibo radio telescope in puerto rico. it looks for coherent radio signals from extra-terrestrial origins by scanning around a scientifically significant frequency. the project has both command line and GUI/screensaver clients for ease of use, as well as many helper applications developed to monitor progress and cache workunits. pentium 3s rule the roost on this one, though athlon/durons are coming on strong.