I would say you paid over the odds.
Memory is at the low end of DDR2 - 400MHZ, but made up for the fact you have 4GB
Hard drive is 5400RPM - Budget/Low power laptops only, low performance.
Graphics is on board, not really BAD, but certainly not excellent - don't expect to play the latest games etc.
CPU - Celeron... If upgrading from a high end machine that was over 4 years old, it is more than likely more powerful than that - but bad by today's standards.
I personally would class it as an entry level laptop and would expect to pay around ~£350 for that specification (with a 15" screen, possibly slightly more if either a larger screen or smaller screen / well constructed net book - with wireless and Bluetooth)