Re: Support for Graphics
In general, HD7xxx GPUs are supported by the latst open source radeon driver and the proprietary driver from AMD (though I can not specifically speak about your GPU). The last release of the proprietary driver does not work on Fedora 17, though the 12.6 beta does with some patching.
Intel HD GPUs are supported.
Laptops with hybrid graphics, however, may only be able to make use of the intel GPU. Some people have gotten the proprietary driver to work with their hybrid laptop, others have not. Unfortunately, no one will be able to tell you if the AMD GPU will work on your laptop in Fedora until you actually try it.