I'm using K-Meleon v. 1.02 and loving every second of it. It's like Firefox... before the bells and whistles shat all over it.
So, what's K-Meleon capable of?
The one important thing it doesn't do is hog between 250 and 480 megabytes of memory. In fact, the highest memory footprint I've seen with K-Meleon is a mere 51MB!
It's not all roses though. The big bummer for me is that it lacks Firefox's massive selection of useful extensions / plugins. K-Meleon also hasn't had a new release since September of 2006.