Back in the early 1990s we had an IBM PS/2 with 386-16 and one of my best friends had a 286-12, so a tiny bit slower than your Olivetti. We used to play Origin games on both, particularly Ultima 6 and Martian Dreams. At one point I bought Wing Commander and enjoyed it on the 386-16, but although it ran on the 286-12, it was too slow to be playable. I never liked them, but my friend was into all the ...Quest games, particularly Space Quest and Police Quest. I believe everything up to Space Quest V and Police Quest 3 ran fine on the 286.
Apart from games there's not a lot of stuff out there that specifically needs/wants a 286, so you should basically see this as something that can run XT stuff, but run it better (faster CPU, wider bus) with easier compatibility with more modern peripherals (AT keyboards, regular IDE controllers). The biggest improvement is probably HDD speeds - which will be even more apparent if using IDE-CF adapter - and after that the ability to use 16b ISA VGA cards.
That said, I sort of agree with the idea that the 286 is in retrospect the least interesting of the generations of older PC stuff, particularly as most of the advantages it was supposed to have only really materialized with the 386. But one 286 is still a lot better than no 286, and if you see it as a turbo-charged, slightly less archaic XT, it's not going to disappoint.
Also, pretty pointless but cool & cheap upgrade that seriously increases one aspect of performance (and improves SimCity, the one game to extensively use it): install an 80287XL FPU.