It seems like it's only out for nettops right now, and just because it's discrete doesn't make it any better to run COD 4, especially if it's gimped to run on an Atom proc.

There's a video showing CoD 4 running on an ION computer on the page that I linked to.
It looks like it's running on decent settings but at a low framerate.

Before they dropped the classic client for eve, it was quite okay actually. (eee pc 901)
Now most ain't realistic, getting 8 to 13 fps.
But that's enough for mining if you don't have to haul on your netbook :p (still feasible but becoming cumbersome)

I was a little lazy to read through the whole thread. Probably, some of this has already been posted in here.
Here are some links and tips to help run games on the GMA card w/ATOM:
If you have a MSI Wind, then you can overclock the ATOM to approximately 2 Ghz on the newest BIOS. To overclock the ATOM, during start-up, hold down SHIFT+F10 with the AC adaptor plugged into the netbook. The power light should turn from blue to red.
Use this program to overclock the graphics card. Generally, it seems to make games generally run 5 to 15 FPS better:
http://www.gmabooster.com/
A T&L emulator (posted by michaelleung):
http://www.3dfxzone.it/dir/tools/3d_analyze/download/
Another shader program (sometimes works better than 3DAnalyze):
http://www.transgaming.com/business/swiftshader/
I will not post the link to remove the logo from screens for swiftshader.
2 GB of RAM and a 7200 RPM / SSD harddrive (I am using base HDD) also help speed things up a bit. As most people have mentioned here, the ATOM processor and graphics card are the main problems. I don't play games on my netbook at all, but I can run Unreal 2004 at around 18 to 30 FPS with many bots on the screen. Without looking, I think my settings are on low-med or medium+ at 800x600? I would have to load it up to make sure.

Where'd you get the patches?

If you watch the vid, you'll see the specs on the ION computer are:
NVIDIA Geforce 9400 GPU (I don't think this is the same 9400 as the 9400 released for desktop computers)
Intel Atom 230 CPU (I've read that the Atom 230 runs at 1.6GHz, and CoD 4 requires either a 2.4GHz single-core or 1.8GHz dual core - NVIDIA might have overclocked their demo computer)
1GB DDR3-1066 RAM
Windows Vista Enterprise
The game wasn't running particularly well, I'd say it was less than 25FPS for most of the video.

It's actually a 9300M. Meh, semantics.

I got the link from this forum actually http://www.gog.com/en/forum/Fallout_Series/fallout_mods/_/1

Interesting how different the experiences can be ...
Using an LG X110 (Atom 1,6 GHz; 1 GB RAM; Intel 945 Integrated Graphics, Realtek Audio, Win XP):
From GOG.com I run successfully:
Disciples 2
Freespace
Freespace II
IL-2 Sturmovik 1946
The Guild Gold
Earth 2150 Triology
Enemy Engaged: Apache vs. Havoc
Other games I own that run fine:
Warcraft 3
World of Warcraft (1024x768, settings slightly below medium)
Sacred Gold (not tried the GOG version)
Sim City 4
GTA 3 and Vice City
X2 The Threat
MS Flight Simulator 2004
Morrowind (800x600; 1024x768 is too slow often)
Perfect World
Shaiya
Baldurs Gate II
Max Payne
The Babylon Project (Freespace 2 MOD)
Diablo 2
Fahrenheit
Silent Hill 2 (seemed to run fine the first few times, but someday got buggy ...)
Homeworld + Cataclysm
Homeworld 2
Starcraft
Europa Universalis 2
Victora Revolutions
Hearts of Iron 2
Crusader Kings
Max Payne
Post Mortem
Still Life
Note that I play most games with an external monitor attached; some games don't run well on the native 1024x600 resolution, but 1024x768 (and even above) is just fine.

Max Payne 2 even runs great, there seems to be nothing these wonderful little machines can't do!
Oh, except play discs. Meh.

Luckily there are quite a few workarounds for that. Namely GOG. :)
Or an external drive (for just installing) or ISOs.

First, sorry I missed this thread and started another one about netbooks.
Second, after reading through, I have a few to add:
Gog:
Boodryne1: works great, but you need to use 3dAnalyze
Might and Magic 4
Beyond Good and Evil
My Own:
Return to Castle Wolfenstein
Theif: The Dark Project--needs nocd patch and you need to edit the cnfg file to skip a memory check.
I have also heard that Far Cry works on netbooks, but I have not tested it.

I get around that with MagicDisk. It works great. You just create a disk image of your CDs and mount them just like a real CD. Also there's a file format for the images called UIF that is a compressed format, so the images aren't so large.
http://www.magiciso.com/tutorials/miso-magicdisc-history.htm
It's worked for all the games in my library that I've imaged.

The copy of Farcry from Direct2Drive I own isn't great on the MSI Wind, but at lowest settings it's playable.