It's more demanding than Oblivion but less demanding than Crysis or GTA 4.
If your laptop cannot do high graphics at all, then skip it. It is designed for the Xbox 360 and PS3 and is likely to expect that sort of power level. I had issues running Oblivion back in the day. I could turn the resolution right down, which got me some speedup, but there were so many polygons in the Mages Guild that I got a slideshow whenever I went in there. Unlike fancy shader effects, there is no easy way to just turn off a high polygon count.
If your laptop cannot do high graphics at all, then skip it. It is designed for the Xbox 360 and PS3 and is likely to expect that sort of power level. I had issues running Oblivion back in the day. I could turn the resolution right down, which got me some speedup, but there were so many polygons in the Mages Guild that I got a slideshow whenever I went in there. Unlike fancy shader effects, there is no easy way to just turn off a high polygon count.