It's not really good for games, but it can play some games if you set the graphic settings low enough.
See following link for some video captures of games played on PC / laptop with Intel GMA X4500....http://www.google.com/#q=youtube+intel+gma+4500m+games&hl=en&prmd=iv&source=univ&tbs=vid:1&tbo=u&ei=Znv0TKCQKMX7lweL3qXfBQ&sa=X&oi=video_result_group&ct=title&resnum=1&ved=0CCkQqwQwAA&fp=66970e405621bd8d
If you are buying a laptop for gaming purposes, then I highly recommend you increase your budget by around $200 to get something with a discreet video card. The card itself will not cost $200 itself (unless you are looking for a capable video card). Usually laptops with discreet video cards have some other increased specs as well. Therefore adding at least $200 to your budget is recommended.