It will. According to Yak (be able to support search), they only needed 1.2 GB of RAM to make it work, and the proposed new server will have 16. Now it's just a matter of having enough time to finish coding it. That might be saved for Ferrox, though, since it's being programmed in an entirely different language (Python vs. PHP).
Please don't wait for Ferrox. That, too, has been in development since forever. I doubt I'm alone when I say I'd rather have a clunky Search now than a great search... whenever. So long as it doesn't crash FA, of course.