I have it on mine. HP Mini 110, Intel Atom N270 1.6GHz, 1GB RAM + 2GB ReadyBoost, Win7.
It seems to be working just fine here, although I haven't done too much yet. I used it recently to "up" the volume of a mp3 and rendering back to mp3 took about 5 minutes on the max settings.
As it was mentioned, don't get your performance expectations too high. These things aren't really built for speed