Yeah that looks good to me, you wont be able to run an insane amount of graphics but enough to get a game going for sure. I noticed too that when you have a somewhat less powerful machine it allows for one to really hone out and tackle deeper issues with the game like better level streaming volume usage and loading the game in/out. I know that If I had started on a much faster machine I would have gotten lazy in a sense and not really dug deeper into the performance issues I had.
Not to say that having a fast machine is bad, in fact eventually once you really know what your doing (can take about a year to really get going), then I recommend upgrading but if your just starting out you are good with those specs.