We should develop on slow boxen because it forces us to optimize early.
Randall Hyde points out in The Fallacy of Premature Optimization, there are plenty of misconceptions around the Hoare quote:
We should forget about small efficiencies, say about 97% of the time: premature optimization is the root of all evil.
In particular, even though machines these days scream compared with those in Hoare's day, it doesn't mean "optimization should be avoided." So does my respected colleague have a point when he suggests that we should develop on boxes of modest tempo? The idea is that performance bottlenecks are more irritating on a slow box and so they are likely to receive attention.