Like most of you (I think), I have stuck with my K6-III+ system because I prefer it to the modern systems, because of the heat/power and how quiet it is. For most of the things I like to do, it runs fine and for those that it does not do well enough, I use my other systems.
Back in the 1990s, a company named IDT had a line of processors from a portion of their company called Centaur. These were really bargain basement processors that were made much simpler than anything Intel or AMD was making, with the benefit of being much lower power and much less expensive. They did not reach the performance levels however. They were called Winchips, and their main design goal was getting the most processing power per watt and size of chip (which, of course, are related).
VIA bought both Cyrix and Centaur, and immediately killed Cyrix, and have used Centaur to continue to make processors with essentially the same design goals as before. They have miserable performance compared to Intel's and AMD's best, but they are very low power and still can run a lot of stuff adequately. Sounds a bit like a K6-III, right? Well, that is sort of my point, the same things that inspired me to build a K6-III+ system long after I had an Athlon motivated me to try out a VIA motherboard/CPU combination. The difference being, the VIA chips are brand new and not five year old technology that still has useful work left on it.
Having said that, the performance of my K6-III+ running at 500 MHz is roughly the same as my VIA EPIA SP8000 motherboard/processor combination, from purely computational perspective(meaning forget everything outside the processor, including memory). Considering the C5 processor runs at 800 MHz, this is not a big endorsement for VIA, especially since overclocking a K6-III+ to 550 MHz is very common, and 600 MHz is also sometimes possible. On top of this, the EPIA SP8000 has no AGP slot available, and only one PCI slot and memory slot. If you can tolerate these, in every other way the new system is much better than the K6-III+.
For one, this system comes in a mini-ITX form factor, which makes it quite small. Unlike most K6-III+ systems which are full size ATX motherboards, this frees up quite a bit of real estate on the desk, and is quite helpful. Also, while I mentioned in the previous paragraph that that the purely computational power of the K6-III+ at 550 MHz would surpass it, the actual performance of the VIA system is significantly better because the memory is so much faster and the chipset is so much more advanced. All the I/O is naturally going to be faster, and where the K6-III+ dies on memory access, the VIA system running at 133 MHz FSB running 200/400 DDR memory offers vastly superior memory performance. Oddly, even the cache memory access is faster, even normalized for clock speed. So, overall performance of the VIA system is noticeably better, even if the actual processor is not as fast.
The next nicety is that it uses no fan! These chips use much less power than a K6-III+, which can easily fry without a fan. If you do not mind a fan, you can get the SP13000, which uses a 1.3 GHz processor and easily outperforms any K6-III available. It is also uses less power than a K6-III+ (remarkably, only 8 watts), and thus uses a much quieter fan. I did not want a fan, however.
This system is extremely modern too, with Firewire (1394), USB 2.0, RAID, SATA, FIR, the aforementioned support for DDR 400 memory, and of course mundane things like IDE, on-board sound and Ethernet (although it has no floppy connector). It also supports SSE, which is much more useful than 3D Now!, since it is better supported. As mentioned previously, it has only one memory slot, although this memory stick can be as large as 1 Gig, so it should not be a problem considering the uses of a low performing machine like this is.
To sum it up, this system outperforms my K6-III+ and is considerably more responsive, is much quieter, uses much less power, is much smaller and in subjective terms much more pleasant to work with. On the downside, it is less expandable and is not cheap (the motherboard/processor was almost $250). On top of this, you might need a new case, etc..., so it is not trivial. The power usage is lower, so it is less expensive to use, especially in the summer where you have to use an air conditioner in the room.
So, I just wanted to share this you all. I really like this new system, and if you can live with the limited expandability, I think just about everyone would prefer it to a K6-III+. That is a big "if" though; I used a TV Tuner card and thus can not upgrade the sound or video processor if I were inclined to. Or add the next I/O protocol that comes out in a couple of years (assuming one does, which seems safe

One last idea for people that like quiet systems. I recently bought a laptop hard drive converter that allows one to use laptop hard drives (2.5 inch) in their desktop machines. Why would anyone want to, especially since you lose any size advantage? Well, they are quieter, use much less power and give off much less heat. Less heat means less likelihood of needing a case fan. Even with a SP8000 (fanless) motherboard/processor, if you use a standard 7200 RPM hard disk, you will need a case fan to dissipate all the heat it creates. Something that runs much cooler is not only quieter, it probably will extend the life of your system because, as we all know, heat dramatically lowers the lifespan of a system. Of course, their performance is significantly inferior to the standard 3.5 inch desktop drives running at 7200+ RPMs. If you are wiling to make the tradeoff, I found the adapter here - http://www.bixnet.com/adfor25to35h.html .