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MorphOS is so good that you can use it as primary system. But for most ppl (me included) the webbrowser is the most important thing and while Odyssey is powerful and has some advantages, browsing with MorphOS is not only peasant.
It#s comparatively slow (lack of JS.JIT _and_ raw cpu power) and compability gets worse.
Raw cpu power would help to milden up some issues. The network interface is comparatiively slow, too (but rumous have it this may change with some future release that may come with a new tcp/ip stack).
Another t hing is video and gfx. The fast G4s have their issues to replay 720p video, they fail on 1080. While I don't alwys need hd resolution, you just come along these videos today and here MorphOS could really benefit from some addional cpu power. A g5 does help a bit, but not entirely and teh G5s are monsters (leaky, bulky, energy hungry).
Or even simple things like jpg decoding, todays high relolutions require a bit cpu time. My usual camera is set to very modest 8 MP, but still decodiung a picture takes bewteen 0.5 and 1 s. Not much for a single photo, but this could be quicker...
And the RAM limitation breaks in additionally. With teh 1 GB of the mac mini I run out of RAM quite often, with the 1.5 GB I have in my Powerbok this is a smaller issue, but still. With the max 1.8 GB this is okay, but not totally convenient.
All in all it's okay and I still use MorphOS as primary system, but the hardware doesn't get more comparative. It shows its age.

Having said that I want to emphasize that I still see MorphOS as a very good OS that can qualify as primary OS (at least for me it does).