SSD is overrated, as is LiteSpeed.
- SSD is for I/O, and is mostly only important for database servers. Most websites are not I/O heavy, and it therefore makes little difference for performance. And when sites are I/O heavy, CDNs often make more sense. (Real CDNs like MaxCDN -- not CloudFlare.)
- And then LiteSpeed is not necessarily better than other webservers. There's lots of ways that webservers can be speedy. I'll put an Apache 2.4 reverse-proxied nginx server with Varnish cache against a LiteSpeed server anyday. The only thing LiteSpeed has going for it is that it's a drop-in replacement for Apache (ie, easy for the host) and will throw less errors on uncommon scripts (ie, easy on the hosts).
CloudLinux, however, is not overrated. It's very important for shared servers. But with Site5 being a large host, it's very likely that they customized the kernel and customized Apache. It's not necessarily "the same" (or quite as good) as CloudLinux, but it's not bad in any way.
Arvixe is another excellent host that has done their own in-house CloudLinux-like modifications.
As far as server specs go, it really depends on account density. Site5 is not known as a company that crams customers on a server, so it's fine. (But I'd email them about it, as that looks like a type to me. Most dedicated servers used for share are often 32gb+ RAM.)
Site5 is an excellent host.