That looks like a great notebook, perfect for your budget. Older games will run fine at 1920x1080, but newer, more GPU intensive games (crysis/2, metro, mafia, bfbc2, bf3, dirt2/3, sc2, witcher 2, etc) will need to be turned down for details/resolution.
Good specs all around, only thing that might you might consider upgrading is the HDD, but that 640GB @5400rpm isn't as bad as it sounds. The drive is probably dense enough that lower seek times over a smaller drive should help make up for the slower spindle speed.