Speaking of Debian based distros (and I'm now a huge fan of Debian quality), I'm having a tremendous, fantastic, easy, highly satisfied and productive and fun time with Mepis.
Mepis is based on Debian unstable, as well as the hardware detection and autoconfiguration from Knoppix, and finally the compression/decompression of Knoppix. Like Knoppix, Mepis runs from CD. Unlike Knoppix, Mepis adds a great deal of polish. Also unlike Knoppix, Mepis adds a completely brain-dead-easy GUI intaller (took 18 minutes on my machine). Finally, also unlike Knoppix, Mepis remains mostly compliant with Debian testing and unstable repositories, so you can apt-get install or apt-get upgrade with the Debian repositories to your heart's content, without breaking the installation.
I'm running it on an eMachines T1600, which has a 1.4GHz AMD and 256meg of RAM. It is also dual booting with WinXP (also a brain-dead-easy thing to do with the Mepis installer). And let me tell you, as for speed, Mepis absolutely screams. When I boot into WinXP, it can be sluggish, even with plenty of cpu speed and plenty of RAM. When I boot into Mepis, it is completely lickety-split snappy fast - Formula 1 race car or SR-71 spy jet kind of fast. The only slow downs I experience are when opening OpenOffice or Mozilla, which are big programs with a lot of supporting libraries. But once they do load, they are super fast. Everything else is blazingly fast, at both load up and execution.
And hardware detection with Mepis is simply outstanding.
Video - check
sound - check
printing - check (HP Deskjet 940c, and no problem)
Conexant WinModem - check - a simple download of the Linuxant driver (they supply a deb) into a FAT32 share drive, then running the installation (a deb file) after booting into Mepis. Then with using KPPP, internet dial up is a breeze.
Another great thing about Mepis is that a lot of stuff is preconfigured, such as RealPlayer, Spamassasin, Flash plugins, etc.
In short, Mepis gives you a Debian Sarge/Sid install without any intitial fuss. No tweaking or fighting to get everything to work. To repeat an overused phrase, Mepis "just works".
My recommendation with Mepis, however, is to stick with Mepis 2003.10 for now. The just released SimplyMepis 2004 is a more stripped down newbie desktop version, and features kernel 2.6 and KDE 3.2, and it's hardware detection is not yet as mature and trouble free as Mepis 2003.10 is. But it will get there. Plus, they will be releasing ProMepis before long, which will have more stuff (Linux goodies) bundled in it.
In any case, give Mepis a try. You won't regret it.