aru

The kernel CREATES /proc on boot. It's a VIRTUAL fs. The /proc directory contains virtual files that are windows into the current state of the running Linux kernel. This allows the user to peer into a vast array of information, effectively providing them with the kernel's point-of-view within the system. In addition, the user can use the /proc directory to communicate particular configuration changes to the kernel. See more info here.

IMHO is better to build into the kernel only the things that you know you'll always need and have the rest compiled as modules. That will create a little kernel and thus a faster one. Also if you have a slow machine like mine, the best choice is to not compile at all any superflous features -- even as a modules (a kernel compilation in a 166MHz is a pain) But, what do you want me to say, If I'd had a machine like yours I'd compile the kernel w/o looking at the config file. I'd use all the features available -- just a joke, the fun comes tweaking the config file ;)