Though I'm not much of an ATI fan the All In Wonder would be fine for what you want. The GPU side of the card would give you better graphics when it comes to playing and editing video while the TV tuner would let you record programs and video from other sources, such as your VCR. Thus, it would be an all-around good option.

After installing it it would override your integrated graphics, freeing the reserved RAM for other system processes. They cannot be used in conjunction, but considering the card and intended use that may actually benefit you more than if it could/did. (The extra RAM would help more than the extra graphical power.)

Hope this helps,
John