HT is actually "useable" on Windows 2000.
Windows 2000, unlike Windows XP, will recognise a HyperThreaded processor as two separate physical processors. Windows XP will recognise an HT CPU for what it is: two logical processors.
The difference is that supposedly WinXP will do a little better at process scheduling, so that threads minimise clashing for CPU resources. Windows 2000, seeing two processors, is going to really treat it as two separate processors and won't do any smart scheduling. The conclusion from this is that there may be requests for the same resources and so result in some reduction in performance.
Other than that, there's the previously discussed problem if you have 2 HT CPUs; you won't be able to run that system on Windows 2000 Pro, since it will be counted as 4 processors.