I *loved* Pine as a newsreader, over a terminal. I wish I still had access to an ISP that provided terminal access.
I tried to run Pine on my Amiga via SLIrP when I still had terminal access but I didn't have enough RAM to configure the newsgroups (I think I had 6MB at the time). When using GigaMem later, memory wasn't the problem, but speed was. My ISP disconnected me each time after downloading the list of newsgroups, before I could actually configure anything, because of inactivity.
I bet Pine would run great on my Amithlon box over TCP, but I think my ISP doesn't have a news server anymore. :-(
I wouldn't use Pine for e-mail, but I would definitely still use it as a newsreader.