Considering we are discussing a production server I think you should get 1GB RAM. A P4 2.0+ with 7200RPM will server you do well and allow you to grow your ideas/enterprise.
Cogent is regarded as poor bandwidth. Often it performs poorly and has high latency over many if not all of it's hops.
Of the control panels you listed I would go with Cpanel first and plesk second. I also think you should consider a managed deal for your first server. Perhaps from a provider willing to provide that extra service needed to explain the intricacies of server maintenance.
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