No, that's not a decent graphics card. On a notebook, what you want to look for is a dedicated graphics card, and not a shared. Shared means that the card is built directly into the board, and more importantly, shares RAM with the system. Further, intel doesn't make very good graphics cards.
A Core 2 processor is a very nice processor, 1GB of RAM is great, 120GB Harddrive is pretty large for a notebook drive, etc.
In other words, the system looks great except for the crappy video card.
What you want for a video card will probably be either nVidia or ATI, and you want to make sure it's a dedicated card. As long as it's a dedicated card, it's almost guarenteed to be decent.
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