It depends on your needs and your point of view.
I use a P233 PC as an OpenBSD server, this celeron
PC, an AthlonXP 2800+ pc and the Peg1 with MorphOS.
MorphOS really does all I need it to do, I use it
mostly for painless programming of simple stuff
(that will become complex stuff during this summer;-).
If you buy a Peg2 as a server, I find no reason for you not to try out MorphOS 1.5 once it's out.