It will to a point. Also the number of cores could be an issue in the future. While the GPU is definatly the largest factor more and more games (for example BF3) make good use of additional cores. The lack of RAM will slow your entire system down - RAM is a cheap upgrade these days. A decent sized 6/8gb kit wouldnt cost a lot and would certainly help. Here is a video you may find interesting, some nice comparisons etc - http://www.youtube.com/watch?v=TGdo75gasaQ
. It is 2 years old but the principles still apply.