It's still a Core i5-480M / Radeon HD 5650 and it's still pretty respectable.
You're right about it being a huge upgrade over your current laptop.
You haven't mentioned what your price range is...
The HP Envy 14" refresh should be out "soon".
"The updated ENVY 14 starts at $999 and is expected to be available June 15th
The 17" Envy got it's Sandy Bridge refresh back in last month.