I have an eMac and I have MorphOS on it. It runs quite well, I have been testing MorphOS for a bit now and finally am registering it and I love it.
Yes, the machine I use daily is only slightly faster (a 1.42 GHzBook with only 32mb of vram).
It works fine.
I have two G5 PowerMacs, but for most uses they are overkill.
Running programs that require UAE can be more demanding.
So start with "friendly" programs first.
I know you (and you're smart, Steven), I think you'll dig it.