Probably not, although the motherboard will need to be replaced next big upgrade, as the CPU's it supports will be phased out probably early next year, and will probably not go above 3400+ PR.
The RAM will only do a 166FSB for sure, and most new processors are heading to 200MHz FSB, so some PC3200 would be better, so you can use it in a new rig if/when you get one, or with a new 200MHz FSB processor.
As said, the motherboard will only do Athlon XP's (Bartons/T-breds) and they are rumoured to be only going up to 3400+, so you would eventually need a new motherboard.
BUT: The maximum potential of your rig should last you well into next year, maybe into 2005 with few problems. You shoudl get some PC3200 RAM though, that is what I would change. PC2700 will be not all that useful by the time you'll want to upgrade the processor.