On my B+W G3 running Tiger, the Spotlight feature doesn't noticeably hog resources from what I've seen.
And about Apple still supporting Panther for security updates, that is correct, although it's likely to stop
soon after Leopard (10.5) is released early next year. Jaguar (10.2) no longer recieves any updates.
And as Antony said, G3 Macs may no longer be officially supported for OS upgrades from 10.5 onwards.
Having said that, a small program called XPostFacto may be able to get G3 Macs running Leopard if
hardware support for these older systems is officially discontiuned next year.
I believe XPostFacto is the "unauthorised tweaking" that Antony referred to. Technically, it's not really
"unauthorised". Apple have not yet had any issues against XPostFacto. It's more like "unsupported".
XPostFacto is a program I used for installing Mac OS X 10.3 on the beige Power Macintosh G3 that I
rescued from being scrapped two years ago. Officially, the highest version of Mac OS X officially
supported by Apple on the old beige G3 system is 10.2.8. In my own experience, 10.3.x ran
quite well on that old machine, and the beige G3 tower I subsequently acquired.
UserAgent: Mozilla/5.0 (Windows; U; Win98; en-GB; rv:1.8.1) Gecko/20061010 Firefox/2.0
SeaMonkey = Swiss Army Knife: It's versatile, reliable, and contains useful tools.
Windows Internet Explorer = Old Swiss Cheese: Full of holes, and it stinks!