Got a monitor connected (17 inch LCD), and I can report back on a few things:

It had Mac OS 8.0, I just updated to 8.1.

PowerPC 604 at 120 mhz

48 MB ram

1 gb HD

Not sure what to do with it now. Never had a machine that ran OS 8 before (and it's a little wimpy to go to 9, at least not without some RAM updates and maybe a new processor card). Kinda nice to have a 7, 8, and 9 machine.

Any recommendations on web browser (Classila needs 8.6 I believe) and maybe a nice IM / IRC client?