mechmouse: intel graphic have always been unusable for anything about the most basic of games.
timppu: It lacks on the power department, but in my experience e.g. Intel HD 4000 is very good for older games, including games where e.g. new Geforce GPUs fail. It seems to have quite good backwards compatibility these days.
For additional reference: I have a Intel HD 4000 in my current laptop. It runs the following "demanding" games at decent settings completely lag free. (I can't give actual FPS because I never enable/use a FPS checker)
Batman: Arkham Asylum/City/Origins: Medium Settings
Fallout 3/Fallout New Vegas: Medium Settings/ Max settings with low shadows and no Anti-aliasing
Middle Earth: Shadow of Mordor: Medium Settings
Rage: Max Settings
Skyrim: Medium Settings or Max Settings with low shadows and without Anti-aliasing
Skyrim : Medium Settings with lightweight ENB (slight hiccups in new areas with some ENBs)
Sleeping Dogs: Medium/High settings
The Sims 3: High Settings
It also runs a lot of more demanding games lag free at a mix of low and medium settings, like the Saints Row series (including up to Gat Out Of Hell), Risen 2 (haven't tried the third) and many others.
Those are just a few examples. Gaming with a 4000/4400 card isn't nearly as bad as people make it out to be, although it's definitely not ideal if you're looking to play big name AAA games from 2014-ish onward haha.
Now for the game at hand: I have Pillars of Eternity with both of its Expansion Packs, and it runs flawlessly BUT the loading times can be ridiculous. The new game menu can take thirty seconds or so to load, save for loading a save game. Once you're in game it runs fine, it's just the loading that's an issue. That's my experience, with an 4000 card. If I were you though, I wouldn't take a chance unless I had cash to burn. The game is on sale fairly regularly in sales, and GOG has a lot more sales than most digital download stores.