Although ATI did begin to enable users of its chipsets to include provisions for entirely separate VRAM to allow the graphics chip to avoid having to borrow main system memory (which is slow in graphics terms) beginning with the Xpress 2200, I believe, the actual result, to my knowledge, was no takers among major producers. Based on the very narrow memory system afforded by their chipset video chips, and the very slow main system memory they have to share, the first integrated graphics that will play games such as Fallout 3, FO-NV, and Skyrim in anything similar to the way that the games are designed is AMD's "Llano" APU with its included HD 6520, not the HD 3n00 / 4n00 chipset.
Now, if we choose to split hairs, and try to define the idea of what the word "run" means to include any sort of of stumbling, stuttering, herky-jerky blurriness as something other than objectionable, that's not real PC gaming, IMO, and there appears to be quite a bit of anecdotal evidence accumulating to indicate that systems relying on chipset video (admittedly, mostly among laptop users) are failing at a higher than normal rate when subjected regularly to the rigors of high intensity 3D game playing.
Well I know what im talking about when it comes to amd integrated gpus because im running one and have for well over a year and a half now. Its only a 4200 with a measly 128 megs of dedicated ram and 256 megs of system ram but I know exactly what it can and cant do and why.
As long as you make SURE to not have aa on and not have hdr on dang near ANY gpu can run skyrim on a small laptop monitor of say 1366/ and rarely if ever lag. But yes you will need to set certain sliders down a bit.
Still if thats all you have thats all you have its good to know it will be playable.