I suggest CentOS as its the most stable of all linux systems and most providers reccomend it
I just love when a customer running CentOS or Fedora pages me at 3 in the morning because they enabled SElinux or the 'firewall' and now the box is inaccessible from the internet.
Install whatever you're familiar with. If the celeron is cheaper than the P4 and it's just a personal box for a few things, go that route. Otherwise the P4 would offer more advantages in a 'server' role. It also depends on what model Celeron and what model P4 - there are faster/slower chips in each family released at different times - bus speed, cache size, etc.
yep p4 all the way, celerons just do not cut it for a server, well if you have a real non-busy server it might suffice but I done been that route, it dont work and I didnt even have that many busy sites.
I'm going to take the contrarian point of view and recommend the Celeron over the P4. Both have the same FSB (533Mhz); the basic difference is cache. That particular chip has 256kb; the P4 has 512. Even so, I would think the increased clock frequency would make for a faster machine.
As for CentOS, it really has no "limitations" compared to RedHat Linux (I assume you mean their Enterprise Linux product). The only tangible difference I'm aware of is that it says CentOS and not RedHat, as CentOS is just RHEL compiled by someone else and given away free.
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Just like tical said, Celerons have 256kb of cache, Pentium4's have 512kb. Believe me this is a big difference and you will notice it if your server gets crowded. So I would go with the P4. Celerons aren't even good for desktop systems. (They are if you only use office applications, still... don't try to load a big xls file on it!)
Both CentOS and RedHat are great linux distros with plenty of users around to help you out when you need.
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