I would say that the difference is definitely worth it. Hyper-threading technology allows the processor to execute two commands at once, instead of just one, theoretically *acting* as a dual-processor system (although it's not nearly as good as a real dual-processor system, but definitely gonna be good when programs start to really take advantage of it).
Secondly, the front side bus speed and ram speed will speed things up a lot. This will help gaming in addition to being able to keep multiple programs open at once. It won't affect ping time, however, as that's a factor of your connection speed - which in this case is simply a dial-up modem.
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