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Realistically speaking, if you need anything that requires an immense amount of power, you'd be doing it in the labs. That'd mostly be graphics processing and simulations.
As for compiling, etc. 1.4GHz shouldn't be too bad. Even your most intense class projects shouldn't take more than 10min to compile.
Of course, you'll notice a difference between 1.4GHz and your usual 2.2GHz. However, it's kind of like sharing a small dorm room vs having your own room. It's manageable, doesn't necessarily suck, but it's definitely not "nice."
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