I don't have a use for a "low spec" laptop per se, but I do have very particular desires for specification, and CPU and RAM aren't it. As I sit here typing this, I'm using about 2.5G or so of RAM, and any modern CPU that isn't complete bottom-of-the-barrel junk is adequate for what I'm doing.
On the other hand, I want a solid chassis, preferably metal, a screen with adequate color resolution and excellent viewing angle, and a keyboard I like.
I feel lucky that when I recently bought this laptop, I was able to get exactly what I want; a product line that Dell was moving away from (an "old" XPS as they were pushing a "new" XPS), not overendowed with RAM or a huge SSD (I replaced it from the previous system anyhow) or more CPU than I need, but it had the top-of-the-line screen (more than I wanted), and it all came in for a reasonable price point. Even the week after I ordered this, it was gone off the website. It wouldn't bother most people but it would have been a minimum of $400 more for me to find another "XPS" that fit my needs because I'd have had to spend more on the CPU/RAM.
If you want to develop with a "low spec" machine, may I suggest that if you are using Linux, you can make yourself a low-spec machine? You can go (at least on the machines I've been on) go into the cpufreq portion of /sys and configure your machine to lock itself to its slowest speeds. You can use cgroups to run a certain program in an environment where it is restricted with what access to RAM it can have. There are ways of slowing the network down and even injecting faults (if you're feeling very spicy), which you can probably attached to the cgroup and/or program itself. Probably with a bit of work you could find some way to slow the disk down if you wanted too.
A bit of scripting and you can turn it on and off at will. You can develop with a nice machine and get the productivity benefits while testing in a low spec environment at will.
This may be possible in Windows but may require a crap ton more poking into the bowels of the system.