Bought one of these for my lad for general school work and a bit of gaming. I was on a tight budget and already had a GFX card and HDD knocking around, the specs are as follows:

Bought:
Asus Terminator 2 AE1 Barebones
AMD Sempron 64bit 3100+ (inc heat sink & fan)
2 x Corsair 256MB DDR PC3200
Samsung DVD + CD-RW

Had:
Maxtor SATA 120 gb 8MB Cache HD
HIS Excalibur 9200SE PCI Gfx

I've done a very rough build log here: http://www.baconsarnie.com/asus_build/build_log.html

Pro's:

Its a great form factor, compact but loaded with some good features including a very old skool game port and floppy drive as standard

Cons:

AMI Bios - is it just me or does this BIOS blow goats? I just can't get on with it - lots of farting around and not much cop
Cooler Mount - totally incompatible with AMD standard cooler - whats that all about?
Can't disable on board video... no, really. You can't, so when you're booting, if you use a secondardy VGA card (in my case an old HIS Excalibur 9200) it doesn't power on the monitor till after all XP login screen