I would say pretty much the same thing about the laptop I use to game on (it is about 2 1/4 years old, and bits of it are falling apart). Brain32's WoE tilesets + trees + related stuff, Widesky with Polak's SKYmod backgrounds, with AA 2x or 4x (although the screenshots I've posted in the screenshots thread is done with 4x, PLUS graphics set to Unlimited at 1280x800), not to mention a slow processor (1.66GHz Core Duo), and a rather bad graphics card (X1400). The game does lag, but it is real bad when Flankers are thrown at me (this is a very usual occurance, at least on my side).
Something is telling me by the end of next year I need to start looking at alternatives...
Brain32: Tried the Omega drivers for ATIs? (although I've heard they are not updated for a while) Installed one of the newer versions at one time, and the FPS rate in CoD4 went up with immediate effect. Then again because the previous drivers I used were Dell's (yup, it is a Dell laptop with nothing to shout about).