I have put windows on one (big increase in performance over both SATA and PATA 7200rpm 9ms access time drives, now sluggish windowsxp is very snappy).
Not to be a big bore, but reinstalling XP on a fresh harddisk
will almost certainly increase performance.
This is due to bad design decisions in Windows, which lead to poorer Windows performance over time as more and more programs are installed and uninstalled.
But of course I don't doubt that a faster disk improves performance too.
The other i have set up as my CS2 scratch drive.
It's still not enough though .My ideal will be more ram and a move up to ultra 360 SCSI drives at 15k rpm. Just got to keep my eye out for the bargains.
Surely, you mean Ultra 320, though the difference compared to Ultra 160 is negligible for single or dual disk systems.
And to keep flogging the poor horse, try solid state solutions such as Gigabyte i-RAM for your system swap and/or PS scratch space.
Personally, I'd love it if Photoshop could run on and utilize the power of a system like the SX-5.