If you mean it gets a Vista rating of 3.8, then yes it will be plenty fast. If you mean a Windows 7 rating, then it will run most normal desktop apps fine. (The ratings system was changed from Vista to Win7.) My GPU (Radeon HD 4200 w/128 MB GDDR2 sideport memory) gets a score of 3.9 for Desktop Graphics and runs everything perfectly with one exception: Aero Flip (activated by Win+Tab) can just barely start to stutter at a resolution of 1680x1050 if I'm running something else that's taking PC resources. I'm guessing it might become annoyingly slow at higher resolutions or when the PC is under high load. However, as I said, that's only when the PC is already under load. A Desktop Graphics score of 3.8 in Win7 should do fine 99.9% of the time.
Windows 7 rates my passively cooled Asus EAH4350 at "3.7". My system displays standard applications (Office, Firefox/IE, Photoshop, etc.) with no issues whatsoever. It also uses all of the Aero features perfectly.
It actually has a higher rating for games, but I've never played anything other than the card games that come with Windows 7 so I can't advise you much there. I do know that the Win7 card games are unusably slow on a system without Direct-X driver support, but on my card they work without any problems whatsoever.