Just installed 2.2 on my old test machine (12 GHz PIII, 512 MB RAM, SATA hard drive, IDE DVD-ROM, some old ATI AGP card).
This machine is usually a server test bed, so I don't really know what its performance is like with X. However....
At the end of the GUI install, when I clicked OK to restart, I got a floating 'out of range' error from the monitor. Had to hit the reset button to get the machine to restart. When X came up, it didn't come up in the 1280x1024 that I had selected (may not be enough video memory on the card, so I'm not sure that this is VL's fault). I attempted to run Xvidtune to fix the offset on the screen (which may be a result of the KVM that I use for my desktop machines, not sure), but was unable to get a satisfactory result.
The other problem - the machine has two NICs, one onboard and one PCI card. When I configured the network during install, I wasn't at all sure which was being seen as eth0 and which was being seen as eth1. So I didn't do much, just left them at defaults. When I started the machine, all the domain information I had entered during network config was gone - I got (none) as a machine name, and complaints from X.
It might be useful to have a bit more informaiton available about the nics, if it is possible - I I could have seen the chipset detected, I would have known which nic was wich. I'm also not sure whether the (none) error was caused by lack of configuration on the second NIC or some other fault,
When I get a bit of time, I'll pull the PCI NIC out of the box and try it again, see what results I get. I'll also try using 16 bit colour for X, rather than the full colour that I tried today.