I work with quite big projects, on a late 2008 mbp rated at 1500 geekbench… 2.4GHz core 2 duo ! 8Gb ram
and is it really fast enough to work with ! my build apps are 25-45Mb.
I have a ssd drive of course. otherwise it would not be sufficient.
For 32 bit, the MB is quite sufficient. However, the code 2 duo may prove somewhat short for big 64 bit compiles which use all cores.