Refracta-6.0.4 xfce/icewm
I ran it under several conditions (on my main PC as a live-CD, in VBox and on my old PC).
I think i like it. Ram usage, according to ps_mem.py, is very good (~70MB).
I can't say have have figured out or used everything which is mentioned in the release notes yet.
(at least i finally checked /usr/local/bin ... )
looks and feel is good.
I run on really lousy hardware (partly), and you sure can recommend it to people who need a low-specs OS
(on my best PC, which is still low-specs with 1.6Gh it flies -when running live).
thumbs up from me.