I thought it said 'Bananas'.
Are you living in the US?
Check this out
here.
Probably less heat consumption and and power consumption would be gains, but depending on what you're using it for (say games, HD, photo editing you get the picture) it will obviously have a lot less performance being half of 2.8GHz, 1GHz less to be exact is the con.
My question: why replace a perfectly good CPU with something from last-gen? Sounds silly to me, unless you just want a really basic MCE or PC for Solitaire, emails and word-processing. Do you need to change something good to something old?
It should the Pentium M is socket 478 which the Gigabyte GA-8IPE1000REV2.0 supports apparently according to
http://www.abcd.com.au/m/Gigabyte_GA-8IPE1000REV2.0.htm and a FSB of either 800/533/400MHz, so you're fine.
Cool board though, Gigabyte's never gone wrong - three still working PCs with Gigabyte.
2.8-1.4 = 1.4 - I did learn something from school.