Before Upgrading os, hardware check

[subsidiarity]

I am running the lg p500h, also called the Optimus One I believe.

I am considering rooting it. Resources could help.

But my question is about upgrading the OS. Are there recommendations about what hardware you should have before you upgrade to a new OS. I assume the newer OS's are more resource hungry. What is the newest recommended OS for the lg p500h?

Thank you internets