i have 3.4ghz P4 Extreme, 7600gs 512mb, 1gb low latency ram on a P4P800. like others have mentioned, this setup still runs games fine. the exception being the very newest games, which (like the article states) are much more CPU dependent.
I was able to play Crysis (all low) @ about 24-30fps right up to the space ship, where it dropped to an unplayable 10-14fps. this seems to be true for many of the other games i have tried, many seem to max out at 30-40fps, even if uncapped. i surprises me that my slow 7600gs would perform so well, with the CPU beating it to the bottleneck.
another thing i noticed while upgrading my rig over time, was that the high performance/low latency RAM seemed to help alot. i actually had 2gb of a 'frankenstein' mix, but when i took the 2x512mb sticks out and left the 1gb alone my FPS increased drastically (in older games at least) just an idea for my fellow AGPers...