Is this a good configuration to replace my EOL Raq 550, or would you change some of it?

Server Configuration Overview:

Processor: Intel Pentium 4 2.8GHz (533FSB/512K)
Motherboard: Giga-Byte 8IEXW (vid, lan, ddr, raid) [3 slot, 2gb max]
Memory: 1024MB PC-2700 DDR 333 (2 x 512)
Primary Drive: Western Digital 120GB 7200RPM IDE HDD (8MB)
Secondary Drive: Western Digital 120GB 7200RPM IDE HDD (8MB)
Multimedia: 16X Sony dvd-rom (black)
Removable Media: None...
Rackmount Chassis: 1U Chenbro RM123 (300W, 2 hotswap, 1 cd bays, black)
Operating System: RedHad Linux 9.0