It's basically a cut down ATi Radeon based on the RV100 core originally used in the Radeon VE.
Excellent DVD, 2D, and TV-Out capabilities. The latest drivers have apparently addedd the T&L capabilities of the regular Radeon core, and increased performance by a decent amount.
It's certainly faster then the V4 4500, it generally falls roughly between the GF2 MX400 or GF2 MX200, with the latest driver perhaps a bit closer to the MX400 side of things.
It's an excellent workstation card, but really only a bare bones gaming card.
If you absolutely must keep costs as low as possible... ie under $40 after shipping, or around $30 before shipping then it might be adequate for low resolution gaming, but you can do MUCH better for only an extra $10-15.
You can get an ATi Radeon LE for only slightly more, and it can be easily hacked to a full Radeon 32MB DDR. A GeForce2 GTS-V can be had for a similar price, but it'll be lacking the TV-Out capabilities.