Yes. I have an Acer W510 and when using Potplayer
for an AVC1 1080p video stream of around ~27000 kbps, the peak CPU usage gets to ~32%.
With the right software for DXVA support, you'll be fine for smooth video playback and excellent battery life on these latest Atom SOCs. These system running Windows 8 outclass the old netbooks of yesteryear.
Unfortunately too many people retain a bias experienced from the old netbooks and Atoms.. Time for them to get a refresher and up to speed.