Should I upgrade to Windows 7?

Due to a family member’s decision to get a new computer, I now have a copy of Windows 7. I am wondering whether or not to put it on this computer which is running XP. I’ve heard it’s wonderful but I don’t know if my PC can support it. Some things run a little slow now, like I can’t have a million things running but tell me your opinion. Here are my specs:

Microsoft Windows XP Professional
5.1.2600 Service Pack 3 Build 2600

HP Pavillion 061
X86-Based PC

Intel(R)
Pentium(R) 4 CPU 3.06GHz
3.07 GHz, 1.00 GB of RAM
Physical Address Extension

NVIDIA GeForce 7300 LE (graphics card)