If my "Video Card" meets all these requirements, why does it fail?

Picture featured below shows a screenshot from the System Requirements Lab. I know it's a Integrated Graphics card or whatever it is called, but I'm ignorant to what the difference is.

So, 2 favors please?

1. Explain to me like I'm 5, what's the difference?
2. Will it still work, even though it says it fails?

http://i.imgur.com/eiToB.png

Thank you!