Well, the most graphically intensive game I regularly play is counter-strike (I did play simcity4, gta3, warcraft3, but never for more than a couple of days ...) , and it is one of the most popular games in the united states (the most popular?) . By the time it dies out, there will be far superior technology out there. So we'll be able to play "counter-strike 2: the terrorists' revenge."
It is definately not good if you want to play every single game that comes out from now to 2005, but if you just want to play the occasional game of counter-strike, or quake3 or something, it is acceptable, especially if you are willing to go down in resolution (they should be playable at 1024x768, which I am guessing would be the default resolution). It is especially nice for the college student who wants to do just that, and can't afford the latest and greatest.
I'd be jumping for joy if I could play CS on my laptop.
And I did not allude to the future.