My Micro AmigaOne is 800mhz and it runs OS4.1 very well as seen in my Youtube Vids (search Fitzsteve on Youtube)
And I'm sure it runs ultra smooth on 1ghz+
040 33mhz is a nice enviroment to run OS3.9 with RTG/Sound Card/USB
My A4000D is 040 @40mhz + 128mb DKB3128 + CV64/3D + Toccata and is an awesome setup to use OS3.9 with and one of my favourite Amiga's