Is RAM and Hard Disk space important when evaluating which server I might need?

Absolutely.

Your server's "brain" is a combination of RAM and Hard Disk space. 

RAM would represent how much information your server can handle at one time: the short term memory.
Hard Disk space represents the amount of space your server can store: the total amount of information the brain can hold.

Currently, RAM comes in two types: DDR2 and DDR3. The latter of the two is faster. Not all servers can support this kind (DDR3) of RAM though.

Knowing the above, you can deduce that having more of both is always better. Generally, 2GB of RAM is more than enough for daily usage. If you require more, you can always ask for more.  More RAM is available as an add-on service for applicable servers.

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