Yes, I use this machine every day for playing music with mpd and light browsing like gmail with dillo. It is fanless and runs from a DOM. You naturally avoid flash & java scripts, but most sites in the internet are a waste of time anyway.
I really like my current setup, but I will probably get a kindle soon for browsing on the go. I will probably still use my thinkpad occasionally, but then it can stand by most of the time.