Considering the original fellow played A500 games very well on a p133 32mb ram, I would say that it had a place on the emulation scene. I read that the original could be used on as little as a 486 too.
Having a simple setup, as others said, only adds to it's relevance.
Fellow was the first emulator I used on a windows machine and it was primarily for the above reasons. I use AmigaForever(commerical distro of uae) now, and that is only because of the CD version booting the machine from cold using linux, otherwise it would be the free version uae+amigainabox
