Yes!

[Glazer]

"Our experiences with Half Life 2 and Episode One kept expectations realistic this time around; Valve has historically sacrificed overall image quality in order to maintain playability on even the slowest hardware. What you'll see here today is that every single component we tested, down to the cheapest CPU and GPU, are more than enough to run Half Life 2: Episode Two."

http://www.anandtech.com/video/showdoc.aspx?i=3122

This was a relief, I was VERY afraid I wouldn't be able to play this game!