It looks okay - you are lacking in the Graphics memory department:
Card name: ATI Radeon HD 4300/4500 Series
Manufacturer: ATI Technologies Inc.
Chip type: ATI display adapter (0x954F)
DAC type: Internal DAC(400MHz)
Device Key: Enum\PCI\VEN_1002&DEV_954F&SUBSYS_22711787&REV_00
Display Memory: 1913 MB
Dedicated Memory: 505 MB
Shared Memory: 1407 MB
Current Mode: 1360 x 768 (32 bit) (60Hz)
Monitor: LG W1943(Analog)
Driver Name: aticfx32.dll,aticfx32.dll,atiumdag.dll,atidxx32.dll,atiumdva.cap
Driver Version: 8.17.0010.1083 (English)
DDI Version: 10.1
Compared to mine - which is a mid range 2 year old card:
Card name: ATI Radeon HD 5700 Series
Manufacturer: ATI Technologies Inc.
Chip type: ATI display adapter (0x68B8)
DAC type: Internal DAC(400MHz)
Device Key: Enum\PCI\VEN_1002&DEV_68B8&SUBSYS_E147174B&REV_00
Display Memory: 3819 MB
Dedicated Memory: 1012 MB
Shared Memory: 2807 MB
Current Mode: 1280 x 1024 (32 bit) (60Hz)
Monitor Name: Generic PnP Monitor
Monitor Model: SyncMaster
Monitor Id: SAM00E5
Native Mode: 1280 x 1024(p) (60.020Hz)
Output Type: DVI
You exceed the 128MB video memory requested - however the quoted specs are normally near the MINIMUM requirements - so speak to TW about it - because you will probably find that your system cant hack the higher settings.
So we are down to - lack of video memory, faulty hardware - it could also be the architecture on the Laptop (Assume it a laptop) slowing things down also ,or its a driver problem.
You could also try changing the Graphics card settings via the ATi Catalyst Control Centre - which I assume you should have - such as anti aliasing etc - but not hopeful this will change anything tbh