I use a 2.0 C2D with 2gb RAM and the GMA 950 at home with CS3 Master Collection, it's fine for most jobs, but obviously applying filters to a high res image in photoshop or rendering in FCP 5.1 can take a while... the graphics are the main issue as I'm sure you're well aware. There are no real issues with everything else though?
I use a newer MacBook when out and about at work and the difference when going from 2-4gb RAM is noticeable, plus I think the onboard graphics card is slightly better?!
If you need to do a lot of video work, or working with RAW imagery, then a MBP would service you better, have you thought about getting a refurb MBP?
Otherwise I'm sure the MB would be fine...