Compare it to whatever Dell are offering as their entry level machine (because that's about the same pricepoint (£350-450), but it looks OK.
Spec list is hilarious though.....2MB L2 Cache....errrm yes...that's part of the CPU, it's like advertising that the hard disc as a bootsector.
My Dell has one of those Intel get-a-picture-on-the-screen video chips in it....forget any game more recent than Quake2, and I'd wager that attaching an external bluray player would give it a seizure.
I could live with that machine though.....Sans vista naturally.....get XP and Ubuntu on it, kick back and enjoy.
Then install XFCE in unbuntu, spray the machine white with an apple shaped stencil on the lid, and nobody will know the difference.
PS: see all that bundled software with it?
With the exception of acro-reader, treat all of it as you would malware....HP-anything-soft is never gonna be a good idea, and as for Norton....LOL...may as well take out 3GB of RAM and clock the CPU to 233MHz, while dropping iron filings into the hard drive.