The X1370US (sold also at Office Depot for a long time) is identical in specs to my X1360US (sold at Circuit City until replaced by faster Dothan Pentium M and X1460US model)but yours has only a 40gb 4200rpm hard drive and mine has a 60gb 4200rpm hard drive.
Office Depot blew these out a few weeks ago for only $1249 after rebates (X1370US). I got my X1360US for $1299 after rebates in late May so that is nearly an identical deal (give that the hard drive is larger in mine).
Are you sure you don't want to custom order at hpshopping.com ? If you do, you can get the 1.6 Pentium M Dothan (1.4 Pentium M we have has only 1mb L2 system cache) with 2mb L2 system cache for only $50.00 higher than the 1.5 Pentium M (1.4 Pentium M is not sold at all custom online).
Also, by ordering custom, you can order just 256mb of RAM and add 256mb or 512mb yourself in the open 2nd slot (1st slot is not easily accessible, 2nd is very easy). 512mb RAM can be had for only about $100 from Crucial, etc which is less than HP/Compaq is charging you to go from 256mb to 512mb (and you end up with 768mb).
Note: the X1370 has the 400mb system bus. The original X1000's built in mid 2003 had the slower bus but they upgraded it in 2004. You have PC2700 memory modules inside also (not the original PC2100 spec).
Also, if you order custom there is still a $100 rebate for any Compaq X1000 or HPZT3000 (or any other custom order notebook) through 9/1/04.
If you did get the notebook for around $1300.00 than you got a good deal if you are satisfied with the base specifications. I would have upgraded the dedicated video memory from 32mb to 64mb for only $50 more if ordering custom and also it is worthwhile to upgrade to a 5400rpm hard drive for up to 50% faster hard drive seek time.
But you will enjoy this notebook even if you don't get the Dothan 1.6 processor, 64mb video, and faster hard drive.
Note: 512mb RAM should be fine unless you are not going to run Photoshop or other intense programs (Autocad, etc) anyway..........
But what did you pay ?
You could get the 3 upgrades listed above for less than $1500 after rebates and also save money by ordering only 256mb from HP/Compaq.
Register at X1000forums.com to see all the updates and specifications people have.
Also, since you have a prebuilt, you may immediately need to upgrade the system bios. Mine came with F33 which had an issue with a <shift> ; causing the system to shut down.
This was immediately rectified by the F34 bios (or F42 bios out now) and that is now shipping on all new custom notebooks.
But since you have a prebuilt you may have to download this and also the other 2004 driver/bios updates (ATI video 5/8/04, wi-fi driver around 4/04, Intel proset utility 4/04), etc on the Compaq website for your model (X1370US).
I have had no problems since and found out about this stuff on the forum...........
Thanks for your advice Ken. I guess I'm getting something like your unit plus 10. I'm ordering from Infinity-Micro of Los Angeles. Seems like it's not a scam operation so I went ahead and wired the money. The price even with shipping and the bank wire service turns out to be $300 CAD less than buying the slightly faster 1.5GHz X1460CA in the local Staples. I found some websites list it as a 400MHz bus but HP's website says 333MHz. I guess there's some sloppy reporting going on. What about upgrading from 512MB? It's my impression that both slots will be full so I'd have to discard both memory modules to upgrade from 512MB. That's an annoying shame.

Chowhound
Comic Vine
GameFAQs
GameSpot
Giant Bomb
TechRepublic