I used to run tvheadend on a Revo R3600, which has an N230 1.6GHz processor. I don't recall any problems, although this was pre-HD to a great extent.
I would guess that CPU isn't necessarily your bottleneck, since it doesn't take that much to move the streams from tuner to disc; the biggest pinch points are likely to be the speed of your storage and/or the speed of your LAN connection. This is especially the case if you're looking at multiple tuners, multiple recordings/streams and multiple clients.
EDIT
I did see a comment/bug report about excessive CPU usage on 3.9, however - and I was running something relatively antediluvian by comparison - but I think Adam's response was along the lines of "yes, it's likely to be more intensive than 3.4 et al, but no, not by much".