I have a Compaq 4000 series laptop with a Centrino (don’t know about the "M") with 1GB RAM.
Ps CS3 runs fine, along with Bridge. In fact it runs slightly faster than Ps CS (1) that’s also still on it.
I run the laptop mainly in the field (product/pack shots, camera tethered, ingesting camera files directly to a USB connected drive).
So the real big, layered operations are on the desktop, though recently had a layered, 16 bit project on the laptop (330 MB). A lot of paging but still doable by all means.
Rob