Personally, I see the advancement of these integrated graphics chipsets as a wonderful thing. Yeah, as a sole source of graphics, they suck for high-end (or even mid-range) gaming and won't do a thing for video encoding, photo editing, or the cool massively parallel stuff you can do with CUDA and such.
BUT, combined with a dedicated card and some good power management software, you now have the ability to have a system that will do just fine 90% of the time (web surfing, video watching, casual gaming) without the graphics card sucking up tons of power (they all do) and creating hurricane force whirrings from inside the case (ditto, at least for the high end). And it adds maybe $10. You save $5 per month EASILY in power if you leave your PC on constantly--which sadly I do. And perhaps close to that if you don't. Lower noise and less heat. All great wins. It's about efficiency, not integrating a GTX 480 on-die.
This is the #1 reason I'm looking at upgrading my PC now. It runs fine, but my ATI 4870 is just crazy overkill for me 95% of the time (99% if you count the "idle" time).