So I did a bit of testing on my older PC that I use as a file server, and long story short: That's not happening.  
Going over the network from my game PC it seemed alright, but on the server I get all types of messages about the server not being able to keep up every time I teleported somewhere. And when I went to the edge of the known map everything just grinded to a halt for a good ten seconds while it generated more world to explore. And that was with just me on the server.
Then for fun I tried to start up iTunes and listen to a podcast and everything in the gameworld started stuttering.
RAM usage was next to nothing, so I think its mostly the processor not being able to keep up.
Keep in mind that this is on an AMD Athlon64 3000+ with 1GB of RAM, so this was pretty much what I expected. I think a fairly recent dual core PC would have no problem with it.
So I guess I'm out for now. Also all of the custom server software is for creative mode etc. I didn't find a SMP custom server program anywhere.
:(

What is the IP for the server?

The server is currently down since the host computer exploded.

Well, there's always the other American servers to mess around while we wait for someone else to host the server. Ping isn't really that big of a deal in Minecraft imo and there's a few people mucking about even at 5 am in the morning.

Within a couple of weeks, maybe a month. I am going to start a minecraft server regardless of how this is going then. But if its still down, I guess I would try to get this one going again. Will be on a 10MBit upload speed, with a AMD Phenom x4 CPU at around 3.4 ghz, 4 gig of ram and a 40gig SSD. I am not sure if it will be good enough for European standards. But if its still down it would be worth a shot. ;)
 
The Europeans need a home to...