It is, but I would guess the majority of desktop users are in offices and will be just fine with the on-core CPU (keep in mind it is pretty powerful - the current ones are on par with medium-low range discrete cards, and Ivy Bridge's are likely to be much better).
What really is the percentage of gamers and video editors that need the high-end GPUs?
Saying that current integrated GPUs are on par with medium-low range is still generous. Based on the article, Ivy Bridge GPU is approx 60% faster than in Sandy Bridge. I'd estimate that it would it near the performance of Radeon 6450, which is the weakest discrete card in the series.
That said, I agree that with Ivy Bridge, the GPU performance will be good enough for a lot of uses.
