For $500, I'd consider it.

It all depends what you want to do with it. Are you just sequencing MIDI? Then it would be perfect, and you wouldn't need the latest version of whatever program you're looking at. If you're concentrating more on VST instruments, plug-ins, and digital audio, then things can get sticky, but I think those specs should be able to run anything, just not as many things at once as a newer system.