I've used Linux, BeOS, Win 95, Win 98, Win ME and Win 2000.
Of all these operating systems, Win ME is my least favorite. There is
one good thing about it - it boots VERY fast. Other than that, it's horrible in every way.
I have a 350MHz K6-2 with 96MB PC66 SDRAM and a Banshee. Win98 is blisteringly fast in most cases, Win2K runs pretty nice (UT + ICQ + IE + Napster + Winamp [mp3s playing] + folders + ISP banner and no lag) - much better than WinME.
I installed WinME fresh when I did install it. It was horrible! NOT stable, SLOW, and a win2k wannabe! MP3s chopped, IE lagged, the system couldn't handle 1/3 what it could with Win98, etc...
Also, running at a certain memory timing would refuse to boot ME at all, while it was 100% stable with Win98. Strange huh? Well in order to get ME to boot, I had to give up performance! :|
ME sucks, that's my take on it.

Win2K is much better... It's faster, much more stable, better in every way, and doesn't feel as bloated.
-RSI