Now that I've managed to secure full time work, I've decided to plump for a faster, more spacious server myself (which I will also be hosting my other websites like GD.net).
Now to give you an idea of the figures we're talking about (with specs on the old server to offer a comparison)...
CPU: 1.5 GHZ
RAM: 1GB ("burstable" to 2GB)
Note that the server will also be serving my other websites too, as just as heads up.