Wow, that's a loaded question.

One certainly can't sit and become stagnant so development has to go into new 
hardware, but at the same time what are your majority of users using, not the 
new hardware, it will be the older hardware. 
Corporate is out to save a buck so they can keep more bucks, they will push the 
old stuff until the SYS Admin turns in his resignation (well almost, but you 
get my point). Of course the software that can save them bucks by keeping their 
older hardware (big investments) going longest is going to be the clear winner, 
gee you can even sell support, it's cheaper than the hardware. Good sell, a 
couple of the *nix distros are advertising and banking on that very same issue. 
So I think some major development needs to go to the older stuff. 

How about the academic world, most students and many of the labs they are in 
(universities and colledges) are not running the latest hardware, although some 
do, it's not the normative. So what will they be learning and getting 
acquainted with for software. Get into your secondary education level your 
talking old hardware. 
Remember when Apple practically gave away their systems to get them into 
academia. Why, the up and coming generation, brainwashed into Apple (it 
worked). And then you have your poor and under developed countries, not to 
mention counties and states, etc...
You know that old hardware has a REALLY large user base. Should it go ignored?

For example why is Windows XP so popular, we know it's not the best, but it has 
worked for the most part out of the box and two I can run it on practically any 
system, I have an install of it on a Toshiba that is running a P3 with 64 Mb of 
ram and a 3 gig drive, old hardware. 
And again the exodus from Windows now is being driven by hardware.

In the long run it doesn't matter where you or I think the effort needs to go 
because some one else will make that call. But if history is to be considered 
the *nix's distros have done extremely very well supporting the old and slowly 
bringing in the new.
 
 
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