My Tecra M4 is based on a 4 year old model (introduced in 2005) and has a 2Ghz Pentium M and 2GB of RAM. It has a good GPU (GeForce Go 6600) which compensates for gaming performance. Visual Studio runs just as fast on my laptop as it does on my desktop (even faster, in fact, since VS on my desktop does some network polling on startup for some reason, which slows it down somewhat).
If you want to breath life into your old laptop, install a fast HDD and add another gig of low-latency RAM, the difference is night and day. I reckon I'll get at least another 2 years out of it.
I am concerned about the possibilities for good laptops in future though, the only laptops that meet my requirements (lightweight, high-res display, thin case, and dedicated GPU) are all "business class" ones, particularly the HP EliteBook, and they all start at over £1,100.