Apparently there are a few win 7 lite versions or "tiny 7" but they will never get anywhere near to this version in terms of resource hunger. The version of XP comes with IE6, this is also unusable and i would stear clear of ie9 or 8 on a "lite" machine. stick with firefox or chrome.
Incidentally there is also a version of XP called Micro XP. I would advise most users to stay away from this release as it is even smaller and uses even less memory, it comes minus some things though like printers, any drivers etc so you really will have to know how to get it usable and will probably end up still with something around the same as tiny XP.