I'd say there's nothing wrong with that spec, in fact my PC is probably nowhere need that spec and I can edit just fine with no lag, no dropped frames on capturing, my only downside is that rendering out final could be a bit quicker. I'm using Premiere Pro CS3 and I can have After Effects open on my dual monitor and use dynamic link and there's still no real problems.
My spec, FYI:
CPU: AMD Athlon64 X2 4400+ @2300MHz
Operating System: Microsoft Windows 7 Home Premium 64-bit
Motherboard: ECS GeForce 6100V
Memory: 2GB SDRAM PC2-6400 (399MHz)
Hard Drive: 500GB S-ATA RAID
Graphics Card: nVidia GeForce 8600GT 512MB
Sound card: Creative Soundblaster Audigy EAX HD 5.1
Canon HV30 | RODE VideoMic | Adobe Premiere Pro CS4.