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FWIW, I run Keynote on an 800MHZ G4 iBook and it runs quite well. Most of the transitions and text effects are glass. It can't run a handful of effects, but they're grayed out so it's not like you have to worry about them performing at half rate.
One area that takes a hit is video. If I try to put too high quality of video (high frame rate and quality settings or a demanding codec) in a keynote presentation, the iBook will choke it through. On our 17" PowerBook everything is stellar.
Without doing any true investigating, it seems like Keynote sort of pre-caches slides. If you page through really fast, the effects and such will take a hit and can't keep up, but if you have a more leisurely pace even the iBook does very well.
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"You are" = you're • "It is" = it's • It's really that simple
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