I'm not sure the min requirements are THAT bad... I mean, most machines made in the past couple of years have processors >1gHz (even laptops) and system RAM of 512mb or more (and if not, it's a relatively inexpensive addition). The only thing that could sting laptop users who want the Aero interface is the graphics card requirement. Otherwise, any "upgrades" a PC older than a year or two may need should be relatively inexpensive (cheap but "doable" graphics card and a bump to 1GB system RAM). Regardless, if I'm not mistaken, the majority of the "bells and whistles" can be disabled if one doesn't like them or if they bog down the computer (just as many of the visual effects in XP can be disabled).
I remember the big deal when XP came out, with some folks saying "Geez, who needs the fancy eye canding... Windows 95 works fine for me". Of course, I'm referring more to the people who are combative about it (not just indifferent... I mean those who think anyone who buys the new OS is stupid for doing so). There are some nice variants of Linux out there, but there are a few remaining software/hardware incompatibilities that affect the soft-/hardware that I use quite often which prevent me from moving my main computer to Linux. Maybe if I make another hobby machine I'll put a Linux variant on it... Otherwise, I'd rather just plug something in and have it work than have to mess around with various problems (driver inavailabilities, compiling issues, etc).
As for the price... Various e-tailers (such as Newegg.com ) are selling OEM versions of Vista for much below the "suggested retail price" for the full and upgrade editions. For example, the Home Premium OEM version is selling for $119 -- not too shabby (unless you really want the fancy-dancy packaging). Of course, you'll need to buy some hardware in order to get the OEM version, but you can get something cheap to cover that. The OEM copy legally must stick with the machine then too (i.e. you can't move it to another computer).
Vista is shipping with thousands and thousands of drivers, and I think most hardware manufacturers will have Vista-compatible drivers available within a week or two of the Vista release (which is Tuesday). There are always compatibility issues when new Windows versions are release (particular the "major" releases, such as Windows 95, Windows XP, and, now, Windows Vista).
To see if your computer can run the various editions of Vista, you can download the Upgrade Adviser
HERE (link to MS System Adviser website).