For almost all purposes, yes! LMCE doesn't really require a huge amount of power to run. For most people the core really only runs a few extra heavy duty tasks such as MySQL and UpdateMedia, and these are not going to overly tax a dual core Atom. Most of the other extra stuff is lightweight and not "real time" anyway, meaning if they are running slower than ideal, you won't really notice anyway. Most of the heavy duty stuff is GPU work for media, and ION is more than sufficient. These things have been discussed before on the forums (I believe that Andrew's team has done some testing) and the general consensus is it will be fine. If you go ahead, make sure you post feedback (here and on the wiki). Just make sure you have at least 1GB RAM and a HDD that is large enough to deal with the OS plus any MD images you intend to run.
