It's good for GPGPU, but that it is a tiny market. In terms of gaming performance, which is what this board cares about, it will be a lot lower per mm^2 than a RV770 or GT200 since much of the die is used for x86 and because Intel's graphics engineers haven't had 10 years of being in the high-end market so they couldn't overtake them in one go. But the next iteration of Larrabee (this is Larrabee version 2 by the way, so I mean v3) could rival AMD/Nvidia.
Also, it depends when it's coming out. Its current competition is the Evergreen (5xxx) and GT200 parts; when it comes out that could be Fermi and Evergreen, or if mid-2010 then Fermi and Evergreen+1.
Note they did not compare it to the HD5xxx, which would be at about 2.7TFlops. Their architecture is different, yes, so it would probably come second in that ranking. But again, no indication of game performance.
Tl;dr - Performance in games, on retail parts and compared to launch-time competition, is what you should wait for.
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