I dunno, I'd be hard-pressed to spring on it as you're gonna be taking a HUGE risk that the battery is still in great condition and can hold a charge longer than half an hour. After shipping charges and a new battery it would put this close to a $500 system. This goes for ANY laptop that's pushing a few years old, not just an Apple.
In terms of speed, I think you'll be alright for the basics. No reason it shouldn't be able to handle the sorts of things that computers a generation or two before it can handle.
As far as that specific deal goes... it's pretty much run of the mill for that model. If it was me, personally, and I was looking for a computer just to fart around on what I can't be at my desk then I think I'd opt for something like an
Asus eee PC. That is, if you aren't stuck on wanting an Apple system.