Judging by what that video card is the equivalent of, and the fact the i3 is only a dual core (if I recall correctly)...the laptop is similar to my old desktop before I upgraded. Keep in mind that I ran the game at 1920x1200 resolution, and the laptop will most likely have a lower one than that :)
Keep in mind that I was stubborn and played RIFT on ULTRA (not good fps) with a setup that was similar to that, but in desktop form. I would say that you would be able to run RIFT on Medium to high with decent FPS.
I am not a knowledge-base for laptops though, so don't rely on my word.
Curiosity: Do you already own this or are you thinking about buying it? I believe there are some nice i7 ones around for cheaper, that will indeed perform better.