ConclusionIf you've ever paid any attention to a forum where graphics cards are discussed, you'll notice that inevitably there will be a number of threads where people will argue about whether or not it's worthwhile it to stick a new AGP card into an older PC. Some argue that the CPU of the older system will hold the newer card back from reaching its potential. Others will claim that the video card is more of a bottleneck than the CPU when it comes to gaming, so large gains will be seen if the video card is upgraded even though the platform is aging. Still others will say that even though you might see a performance increase with a new AGP video card, it's probably more cost effective to scrap the old AGP motherboard in favor of a new PCI Express (PCIe) motherboard.
Source: AGP Platform Analysis, Part 1: New Cards, Old System | Tom's Hardware