Edit: Unfortunately, the images originally included in this post are gone, because of hosting problems in late 2009. My apologies.
My brief flirtation with AntiX introduced me to hv3, and since a PKGBUILD is available in AUR, I took a closer look. (I should mention that it compiled perfectly for me with yaourt, but it refused to run until I installed sqlite3. If you have the same problem, add sqlite3 to your system and it should work.)
Superficially, it looks like a cross between Dillo and Kazehakase, which would be a welcome addition to the browser options available to older hardware. Pages seem to load faster than in Kazehakase, but are more faithful to the original than Dillo (which tends to mangle things).
And since it seems more GTK1.2-leaning than most browsers, it’s fairly speedy on the startup. It could be a good addition to your 200Mhz system, if you’re building one. Add a decent GTK1.2 font and maybe find a better button theme, and you’re in business.
The only downside I could see at this point is that it’s still very alpha. I don’t see many error messages, but I have noticed that when hv3 runs across something it doesn’t quite understand yet … it stops. Which is probably good programming practice, but it does mean that some pages and sites will make the browser halt. Not necessarily crash, but just stop. :)
Either way, if you’re using Arch you can give it a chance. I’ll see if I can make it work with Gutsy later, after the beta release. If I meet with any success, I will share.