Welcome to the forum.
Historically, Intel graphics chips have lacked the necessary driver support for higher-end work, like video editing. I do not know if that will change, but until it has been proven to be much better, I would stick with either an nVidia, or ATI/AMD chip. It is the driver support, or lack thereof, that is the problem. Maybe things will be different now, but until Intel proves that they are in the game for the long haul, I would only rely on their graphics chips, and drivers, for general computing.
That i5 CPU will be very underpowered, if you are editing AVCHD or any flavor of H.264 material. There, I would go with at least an i7.
With a 64-bit OS, RAM will be important, and at least 12GB would be reocmmended.
Having at least a second, physical HDD will be beneficial to video editing, and a 3x I/O would be even better.
Some ideas for a Laptop Video Editing PC from past discussions
-NOTE only 1 hard drive in above, so you will need to add a 2nd drive or use eSata for video files
-or Google "ASUS G74SX-BBK7" (without the quote "" marks)
For effective HD video editing, a laptop with the following
-the newer Intel sandy bridge 2720 or 2820 quad processor
-and nvidia graphics preferably the 460m, 485m is a bit much
-1280x900 display with OpenGL 2.0-compatible graphics card
-and 8 or 16 gig ram and Win7 64bit Pro
-and 2 internal 7200 HDDs minimum