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But perhaps my favorite feature of 10.2 is speed. It actually runs comfortably on my PowerBook G4 with only 128 MB of RAM, and it also runs decently on a 233 MHz iMac, a machine I was expecting to barely be able to run it. It's not as fast as OS 9 (although I bet it would be on a faster machine), but it's not bad.
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When you spend $200 on a processor upgrade, you have $200 less to spend on a new Mac. When you would have had enough money to buy a new machine, you won't be able to because you spent $200 upgrading an old one.
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If you have the hardware, the drivers for your peripherals, and the software (or you are willing to buy new versions of whatever you may need), I suggest upgrading to OS X soon. If your hardware is older, drivers aren't available for your peripherals, and the majority of your software isn't OS X compatible, you may want to stay with OS 9 for a while.
It's not as if OS 9 is dead. Far from it, in fact. Programs are constantly coming out for 9 and earlier, and there are lots of Macs in use that will never be able to run OS X.
If you're even thinking of OS X, the time to buy a new iMac or laptop is now. If you have an older 233 or 266 MHz iMac, you should seriously consider either the $999 CRT-based iMac -- or maybe even one of the flat-panel iMacs released at Macworld.