Xcode will work on any Intel Mac with Snow Leopard, one of our iPhone developers runs on a MacBook Air with 2 GB of RAM. Any new Mac available right now should not have any problems with it.
iOS Simulator starts up pretty slowly, regardless of the system specifications I found.
All of the above, if you run Photoshop at the same time, you will definitely want to increase the amount of RAM from 2 GB, but RAM is cheap right now, so there is no reason not to do that! You want more than 2 GB to do the correct job of Photoshop.
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