my lappy that is 4 years old, with a busted screen and a temperamental dvd drive is more powerful than that!!
More powerful in that it uses more electricity, likely. More powerful as in higher benchmarks / greater performacne, very unlikely.
That is a decent spec. It is much better than the usual £300-£450 deals. Beats a lot of £600+ laptops.
Only a 1280x800 resolution screen though. Some people may want larger, or may want to add an external monitor to it.