Re: "The farm decided to go with a more modern, off-the-shelf software solution."
In terms of the hardware, it is surely now possible to provide the same processing grunt in a box that requires *no* air cooling (except for exposing the case to room temperature).
True, any modern smartphone has more processing power than that Pentium server. However, implementing the same functionality using modern languages and software engineering methodology would result in a much slower system, unless you go for a bigger system ... that requires cooling.
It is like booting Windows: for the past 30 years it has seemed to take about the same time, regardless of the increase in the power of the computer I run it on! What Intel giveth, Microsoft taketh away.