Hmn, I would have to see it to believe it. Is Wolvix not Debian-based? Have you done comparison on a machine like in the 64 MB RAM. I've got Zenwalk on a laptop with 64 MB RAM, sony laptop P III. I watch movies on this laptop under Zenwalk and Vector linux in the past with no laggs or skips. I am unable to do this with any of the Debian-based distros. It lags even a little with up to 128 MB put on it.
In launching of apps, it is possible to get to near the same speed. However, in bootup and media playing, it is not close.
I shall try the wolvix first as Ravtuk tends to be fairly accurate on things pertaining to other distros. If Wolvix is debian-based it would lead for all the other resaons that debian-based distros have such as autolaunch of CD or DVD and huge package repo. If it has speed equal to Zenwalk, it would trully be better. I doubt that though. Is Knoppix and Kanotix were the nearest Debian-based distros to match in performance.
EDIT: I have tried dreamlinux, elive, mepis 3.3, knoppix, kanotix, ubuntu, sabayon, and pclinuxos - Only the slack-based ones produced the desired result. Sabayon looked very promising as well. However, I had the DVD install. Which included gnome, kde, etc. It installed fine though and XFCE ran fast, but bootup was slow and video rendering was slow as well.
EDIT 2: Ravtux is probably correct. My mistake and lack of trying wolvix out. I used to think it was Debian-based, but it is slack-based as well. It like Vector linux uses xorg 6.8 or something less than xorg 7. This was my issue with Vectorlinux. I agree that it is probably as fast as Zenwalk, but not as bleeding edge as Zenwalk. I say thi, for example to have xgl or beryl features, you would need xorg 7 and greater. Until they move to xorg 7, they would not have beryl. However, for basic computing, I would bet that they may be slightly faster for an older PC. This was my experience with Vector Linux as well which is lightening fast.