its more of a toy to have fun with or cluster together
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If you're careful about RAM use, absolutely. You wouldn't run a huge website on it, but you should get decent performance for many thousands of daily visitors. Plenty of people are already running sites on a 256MB VPS.
They most definitely can be used as a web server, but don't expect to host a high traffic site on them. I can see them being used, along with special software, packaged to perform a certain task. Maybe a web interface for your home automation system for example.
I'm sad they sold out, I want to buy a couple to mess around with.
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If I am not mistaken, I read that the factory board doesn't come with a Real Time Clock. So if accurate time & settings are important and you shut off your Pi, then you'd want to buy or build an addon RTC (not yet available).