Really demanding new games like Battlefield 3 and Elder Scrolls V: Skyrim will run on Low graphics settings. Some less demanding recent games like Call of Duty: Black Ops or StarCraft 2 will run on Medium/High graphics settings.
For comparison @ $800: Dell XPS 15 would have a dual core l5 CPU, 4GB of RAM and the same GT 540M graphics cards.
They would 'game about the same' but the Asus has a better CPU while the Dell would be a bit better as a all-round entertainment laptop.
Does this laptop have a lighted keyboard? That seems to be one feature that either isn't very common or perhaps isn't listed even if the laptop has it, and a feature that is really on my "must have" list.