Actually the requirements for Freelancer are not bad at all.
Minimum Configuration:
Windows® XP, Windows Me®, Windows 2000®, or Windows 98 SE® (Windows NT® and Windows 95® are not supported)
600 MHz processor
128 MB RAM
4x CD-ROM/DVD-ROM drive
1.3 GB free hard disk space plus space for saved games (additional space required for Windows swap-file and DirectX 8.2 installation)
16 MB video card with DirectX 8.2 compatible driver
DirectX 8.2 compatible sound card
Keyboard
Mouse
An Internet Connection for Multiplayer (56k v.90 or faster required)
Recommended Configuration:
1 GHz or faster processor
256 MB RAM
8x or faster CD-ROM/DVD-ROM drive
32 MB video card with DirectX 8.2 compatible driver
A Broadband Type Internet Connection or LAN Network for Multiplayer
This info came from Lancers Reactor. Quite a few of the guys there were involved in the beta and I think one guy was running it on a 450mhz pentium 2 or 3 with a TNT2 vid card, he said it ran quite well and looked good. They did say that on higher end systems with newer graphics cards it looks REALLY good.