I wouldn't dump it, as apache says, as it could have it's uses. But I sure wouldn't bother putting any type of money into it either. I would leave it as is (you can always try, then go back to xp if you don't like it).
Go for it... I doubt it'll give you any issues, because I had it on my ancient 1.86 GHz Celeron M w/ 1GB RAM, and it was just a tiny bit slower than XP. Dual-core Pentium and 4GB RAM will handle it just fine. And, as it was mentioned before, you'll be able to use DX11 (though I don't know if 4670 supports it).
I've seen people install Windows 7 Enterprise on their laptops -- 50G hard drive, single core processor, 1G of RAM. Doesn't load up slowly, runs fine for basic stuff at least. I've even seen them playing games on them, literally 3D games like those that are on Steam