Of course, running under Wine always has a certain overhead but that shouldn't be a problem here. There's plenty of headroom left over.
Processor: AMD Athlon II X4 620 2.6GHz
Memory: 2.5GB PC2-4300 DDR2 SDRAM
Graphics: Sapphire Radeon HD 7750
Wine Version: 1.4
Operating System: Ubuntu 12.04 (64-bit)
Installation is simple and straightforward.
~$ wine /media/HOMEWORLD2/HW2_Setup.exe
~$ wine ~/Downloads/homeworld2_update_en_10_11.exe
I installed the v1.1 patch. You can get it from Game Front. Homeworld 2 setup will ask you to install DirectX 9 after installing the game. I cancelled it. Wine's DirectX is enough.
You'll also want to get a No-CD patch to get rid of the DRM. I didn't try running the game without cracking it, but most DRM'd games don't work well with Wine (in my experience).
Playing the game
The game runs smoothly, though it defaults to a low 800 x 600 resolution with mostly low video settings. I maxed everything and upped the resolution to something closer to my LCD's native resolution.
The game gives an alert about the GPU drivers, but I just ignore it and things ran just fine anyway. More likely the GPU's too new for this old game.
I took my time playing the first two missions, and didn't notice any issues. Graphics work great. The game ran nice and smooth. Homeworld fans will love this.