I've got a Dell Latitude D630 with 4GB RAM and she's working fine.
Just make sure that you've got EM64T AND VT support on the Intel Chipsets. (I had to search my BIOS to turn on VT support - wasn't by default)
ESATA - well, once you start playing with VM's, its easy to consume disk space. ESATA would give you the benefit of an external drive with faster throughput than USB.
I've got a few external USB drives that I use for demos - work well and it would be interesting to hear how others find ESATA for doing the same thing.
Thanks
Lofty
PS. If you found my response helpful, think about awarding some points.