AMD's Unified Video Decoder
on the Radeon 4200 IGP will provide DXVA hardware decoding of MPEG2, H.264 and VC-1 video -- the Quadro will probably do mpg2 - not sure about other formats/codecs.
You can run 2 monitors off the HD4200 -- not sure if that is an option for you. One can be HDMI/DVI and the other has to be d-sub. Two monitors are great in graphics work.