I remember when windows xp came out. It felt so slow on my celeron 300 mhz (overclocked though) with a geforce 256, sluggish to a point that I happily switched to gentoo.
Of course your Thinkpad most likely came late in the windows xp lifecycle so it feels snappier but the user experience when windows xp came out was anything but fast.
To be fair. Celerons were really terrible. I ran them for a long time (even was running dual celerons on a board at one point) and overclocked the crap out them. Then I switched to an actual Pentium 3 chip and it blew them away. Never went back.