Is this good?

This one? HP Pavilion g7-1150us Notebook PC, charcoal | HP® Official Store

It looks like a fairly solid machine, good amount of RAM, decent Processor, N wireless, a very good every day machine.

As far as I can see, the only thing it will probably fail with is gaming, due to having an integrated graphics chip. In my opinion Laptops shouldn't be used for gaming anyway, as the parts can't stand up to the stress.

It really depends what you plan to use the machine for though, It will probably do whatever you want it to.

My only criticism really, apart from the inegrated graphics, which is normal, is the HDD is a little slow, I would rather have a 7200RPM HDD than 5400, but that's just me.

Well in that case, I would say you have made a good purchase :)

LAN is "Local Area Network". Basically, a network that isn't directly connected to the internet. IE, anything behind your router.

If you mean in context of your Laptop specs, it refers to the speed that the machine can talk to other machines on the network at. In your case 100Mb/s which is about normal.