Seems a pretty good trade. My TiBook is exactly the same specs as the one you describe and it is a brilliant machine for general web surfing, iTunes and making videos in iMovie. I actually use an Asus USB wireless dongle for Wifi, which is pretty good but it can get in the way since the port door at the back needs to be open all the time when it's plugged in. An airport or wireless PC card is a much neater solution.

Given these TiBooks are approaching 6 or 7 years of age now, they are remarkably modern looking and feeling, and will give most new PC notebooks a run for their money.