An HP Chromebook 14" is more powerful than, say, a 2008 Macbook Pro.
Its possible (soon) to flush the bios of this thing and thus turn it into a commodity PC and install a lightweight Linux or whatever you want. So it will boot in 5 seconds into X and have almost 10 hours of battery life.
4GB is plenty for your browser, Vim, VLC, and irssi. The keyboard is decent. It doesn't feel as nice as a Macbook Air but it is literally 1/4th the price and IT WILL TAKE A SIM CARD.
Frankly, I'm considering using it as my sole device. Think about it;
Using an iPad as a thin client was a Moby Dick type dream in some nerd circles for a while - but now finally inexpensive hardware has reached double digit battery life and cellular connectivity.