That is a valid argument; I did not consider the wait states. The additional 5 MHz in clock speed are useless if the CPU spends them waiting for memory. This is actually more important than memory size as well.
I second the point on EMS support - software which can use it will benefit, and 286 machines cannot emulate EMS in software (like 386+ can) - but some 286 chipsets contain EMS support. If you can get 1-2 MB of EMS in addition to 4 MB of XMS, you should definitely go that route. I think Windows 2.x can use EMS as well.
On the other hand, I'd rather say that Windows 3.1 works well on a 286, but not particularly great (Windows for Workgroups 3.11 won't run at all). And while it can definitely use more than 4 MB of memory, you will also find that many larger Windows applications - which would benefit from a lot of memory - simply won't run (e.g. Microsoft Works 3.0 won't work, although Works 2.0 does). Those older, smaller applications are less likely to benefit from additional memory as well and games tend to run in DOS anyway. Of course, multi-tasking will benefit, but any 286 is going to struggle with it.
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