Yes, but depending on the network, it will be better or worse. Look at trifocus. it is a cable/dsl irc network run on 486's (checkout the trifocus webpage for system stats). irc.eqemu.net is current a 100mbps connected box that is connected to the net via 6 1gbps links.
Which do you think would run better in a small network? all T1+ connected boxes or dialups?
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