I got it running as a VM guest on QEMU+KVM, exposing only a 486 CPU profile with 256 MB RAM, and it was still usable (with terminal, file manager, and some light web browsing). Looking at the system's memory usage though, it appears that going much lower than about 200 MB RAM would probably make it quite difficult to use (at least without relying on swap, which could make it even more miserable depending on the device being used there).