Premiere Elements is not terribly graphics card intensive. If you've got adequate processor power and enough RAM, you don't need a big honking graphics card. (Although some of the GPU effects may not be available if you're using embedded graphics.)
It is blazingly fast. Not because of the GPU. It is because of the CPU (Third generation). I got my hands on an IVY-Bridge machine and tried using PrE10 on it and found it really fast. I am sure PrE11 will be faster! So go ahead and let us know if you agree.
Thanks VDO I'll let you know how it goes.