I've used Debian and it is seriously fast even when i ran it on a 500mhz PIII.
I believe Gentoo is also wicked fast compared to the other distro's. I haven't fooled around with many though.
If you research it a little you will find that a lot of the boot speed and the functionality of each distro is based on what windows manager you're using and what programs you actually keep installed at start-up. There's this one manager called
Enlightenment that many people use with Debian. Then again..I am a little bias because that's all I use on a few of my "old" computers

. Good luck though.
PS.-Might want to change your thread title so nobody thinks you're selling something.
