How old an Android device can be effectively used, and how?

I have an old Galaxy Tab 10.1 (SC-01C from Docomo) with Android 2.3.3. It's not rooted, but definitely not on contract anymore, so I can do whatever I want with it.

What is it good for? Should I root it, and if so, what build of Android will give me the most possibility for use with the least draw on the old processor?

Thanks for any input....

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