Umm...yes. That definitely will run Skyrim. The recommended video card is 1GB, that is twice what you need. That graphics card will run just about anything you want. The computer I'm building has a 1GB nVidia 550 ti, and that is more than enough for what I need.
While video memory is important its not the only deciding factor. Example, if AMD made a 4GB version of a 5450 it would still play Skyrim on low settings.
Also mobile GPU's will perform lower than their desktop counterpart. But yes, the 650M should be fine for this game on around high settings decently.
Am I missing something? Whats up with it? :/
It is really not reliable. It will tell people that they can run games, even though their hardware is not up to the task. Looking at the system requirements on the box/download page and comparing them manually is much better.