We recently reviewed Asus' Eee PC 901, which uses the new 1.6GHz Intel Atom N270 processor. Atom uses the same 45nm technology that you’ll find in the latest 'Penryn' Core 2 CPUs and it packs in some nifty power-saving features that result in a TDP of a mere 2.5W which makes it a natural choice for Small, Cheap Computers.
But there’s another side to Atom, as Intel also sells it in desktop form, the 230, which is likewise clocked at 1.6GHz. Atom processors are genreally soldered onto the motherboard so your choice of Atoms is limited to a single model. Buy an Intel D945GCLF motherboard - it was codenamed 'Little Falls' - and you get a 230 as part of the package.
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