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RAM usage in the screenshot above is 96MB with the browser open to m.cnn.com (accidentally typed the mobile version by habit).
I'm impressed with the snappiness and memory use of the livecd version. I didn't try to install it yet.
comparison
ISO, minimum ram, minimum HD, WM/DE
antix: 484MB, 128MB, 1.2GB, IceWM/Fluxbox
lubuntu: 546MB, 160MB, unknown, lxde
xubuntu: 726MB (!), 256MB, 2.0GB, xfce
I think this middleweight field is worth watching. I suspect the current economic environment will encourage people to get all the mileage they can out of previous-generation boxes. With middleweights like antiX you can "add lightness" without having to deal with the weirdness of puppy, dsl, tinycore, etc.