I know that the iPhone SDK requires Leopard, i.e. ~900mHz G4+ w/ 512MB RAM. And I've used XCode in the past, so I have a good idea of how that performs. But I've never used the iPhone emulator included with the SDK, and I'm wondering what kind of CPU/memory resources it needs to run smoothly.
I would just download it and see for myself, but my (ancient) iBook can't run Leopard. Before I go buy a new machine, I'd like to get an idea of the slowest system that can run the emulator at a speed close to that of the hardware.