It'll run fine. That is plenty to run linux.
Of course more is better. A faster computer and it will run faster, etc... and linux responds very well to excess amounts ram.
It'll be comparable with running w2k on that as far as speed, but will be rock-solid stability wise.
Alsolute minimum that I'd personally run a gui would be on a pentium 200 or so, especially mmx model with 32-64 megs of RAM. Absolute minimum for a non-gui based Linux install woud be a 486 with 32 megs of Ram.. Anything under 16 megs gets uncomfortable very quickly and many modern installers used by redhat or suse won't work with less then 64 (or was it 32?) megs. I've run older version of GNOME on a 486, and that's not fun at all.