No, games are very dependant on the video card. While being a pci card will hurt performance, a 4650 is a "budget" card, so it won't do the greatest.
The cpu will run games decently, as will the other components. Your old harddrive will be a bit slow though too.
On the upgrade path, AMD has been running that chip style awhile, while there is no current indication of major changes coming, you can't really be sure. NOW that said, gthe cpu in the combo is the near top for a dual core cpu... After the dual cores zare quad and hex cores. More cores allows more power basically. The mobo is pretty good, I run the intel version of it, and can have any current AMD cpu put into it, lots of hard drives, including the nhewest, sata 6Gig, and every current and up coming video cards.
The power supply is a 500W quality power supply, so it won't power the baddest card, but will be enough for all but 4 or 5 currently on the market.
The only thing I would change would be to get a quad core... Newer games are running more cpu activity but the dual core still work fine.
The phenom chip are good chips. Intel beats them pretty good, but intel costs a bunch more. So the phenon are greagt performance vs cost chips... I like to say 90% performance at 70% the cost.
Its alot to digest I'm betting, but 5yrs ago I was right where you are today. I new i wanted a new computer, didn't know much so I posted up a system I had found, and asked what the forum thought.
So i know you got questions, so ask away........ Thats why we all are here.