I see no reason why Suse wouldn't be a decent choice on your hardware. It definitely would NOT be the fastest, nor the easiest to configure (and the unpatched version of 10.1 will not let you run a proprietary video driver...or am I thinking of FC5?....anyway).
Mandriva 2006 will boot up faster than most (from power button to login screen in under 30 seconds on the rig in my Sig), but the software is getting a bit dated now. OOO1.15 was especially annoying to see again...
Ubuntu will surely work nicely.
A fast and light distro would also be Damn Small Linux (DSL), but you probably wont be using a KDE/Gnome desktop for eyecandy with it. The supplied Windows manager/theme is still very usable, and to my knowledge, hardware detection is above average.
Cheers,
A