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I'm using an IBM laptop that I bought for £330 (about $630) including tax and delivery.
What you should be looking for is
1) Display, keyboard, touchpad/trackpoint quality.
2) Keyboard layout (esp if you switch frequently with a desktop).
3) Hard disk quality - I tend to rate Maxtor, Hitachi, IBM and Toshiba as more reliable than certain other manufacturers (but opinions may differ).
If you need more memory, you can add it later. You can even add wireless later if necessary. Unless you plan to play games, any old graphics should do, however you should probably look at Vista requirements.
Kaled.
In the "would be nice" category - dual-core. Very handy for developers. 1-2GB of RAM. Don't worry about pushing the speed limit - dual-core will do you more good than a few more mHz. It's nice to have a removable hard drive bay for backups. (Hint: you can generally buy a drive "carrier" for $50 or so, and put any compatible drive in it.)
Screen resolution is a consideration. 1600x1200 is handy, if you can read the tiny type. Look for 7200RPM hard drives, SATA if possible.
I have an ancient (2001) Thinkpad a31p that cost a fortune. Any current laptop is probably it's equal. (But surprisingly, not much better.) We've come to a bit of an impasse in computing power.
Been there, done that.
I bought a Dell Inspiron laptop a couple of years ago. My goal was to avoid purchasing both a desktop and a laptop computer. I wanted portability and power.
The result? A very heavy laptop that I rarely disconnect from the spaghetti soup on my desk.
It has plenty of power and plenty of ram. Not nearly enough hard disk space. It weighs nine pounds or so. It supports dual monitors, so I've got a 19" flat panel attached to it.
Also a keyboard, a mouse, an external hard drive, speakers, a printer, a scanner, ethernet, and probably a couple of other things I've forgotten. Most of the peripherals are attached to a usb hub or the usb ports on the monitor, but I still have to disconnect four or five cables every time I take it somewhere and the monitor cable must be screwed in and out.
If I had it to do again, I would get a very robust desktop 'puter and a very lightweight laptop. Nine pounds turns out to be quite a lot when you have to carry it for several hours, and I have a most awesome laptop bag with backpack straps as well as the shoulder strap.
But obviously if you want to program in ASP.NET you should not get a Mac ;)
I don't know about that...you can run Windows just fine on the new Macs (as a dual boot or as a virtual machine). You really get the best of both worlds...you can check how your site looks on all of the Windows browsers (or Linux if you use a virtual machine), as well as the Mac ones...as a web programmer, there really is no reason not to go with a Mac Book or Mac Book Pro.
I have found that laptop colors are not the same as CRT screen colors. I have made graphics on the laptop only to see them as garish and over bright on the desktop.
Now that was a couple of years back but ever since then I have stuck with a good old crt screen for the graphics.
Those new extra bright glass monitors on the laptops may not suffer from this however.
A good option would be to run a version of Linux and use Wine. Alternately, Crossover Office in a packaged Wine configuration that will run Microsoft Office and many other popular apps right out of the box.
(Wine is a set of compatible libraries that will allow you to run many Windows apps on Linux. But it is NOT a virtual machine.)
If you are using an Apache server on a Linux box, there are a lot of advantages to doing your development on a Linux machine.
Both Wine and Crossover Office are available for OS X on Intel-based machines, as well as for Linux.