You stated how much you paid for it, but when did you buy it? It is an older model notebook. I had a similar system about 4 years ago. There is nothing wrong with it, unless it doesn't do something you want it to do.
But this is what people are probably trying to say... in their own ways:
The newer PM/Core Duo notebooks offer more battery life and are far more powerful than the chip you have currently in your system.
The newer gpus and even the new integrated intel graphics are more powerful
and more energy saving than that notebooks current setup.
These type of systems today can be as low as $1000 to $1200 depending on what you are looking for : ie, dell models, acer 5672 etc .
Also most notebooks nowdays have atleast 80G hard drives if not 100-120Gb.
Most also always come with an 8xdual layer dvd burner.
Also, depending on the resolution of your screen, those have changed a lot in past few years as well. Most in the range come with 1280x800-ish resolutions depending.
Again, it isn't a bad computer for its time. If I am not mistaken that was released right before the PM's really took off, so the P4 was certainly better than a celeron-M or P3-M.
Again, i will say if you bought it recently for $1000, that wasn't a good choice. But if it was a while back then yeah, great!