Way back, I used to have the original, 50 MB DSL as a default PXE boot option in my lab. Was awesome for quick troubleshooting or to test hardware without having to mess with USB keys.
At 700MB, it can no longer be called "damn small", especially considering there are much smaller distributions out there, such as TinyCore @ 23MB and SliTaz @ 43MB (yes, SliTaz is still around).