So far, every current game I've played on it runs really well. The only problem i'm hitting is with next gen games (FarCry being the most recent). THe 64megs of VRAM does bog it down with the massive amounts of textures in that game and I assume it'll do so for the upcoming games as well (HL2, Doom 3, Painkiller etc.). You COULD get a voodoo pc and probably get better performance on those games, but like you said... you'd have to sell your first born in order to be able to afford that thing whereas you can get the M6807 and pay less than half the price. Personally, I'm quite happy with my investment. Although not the fastest laptop, it's pretty damn fast with the current crop and is hella cheap for what I got. Just think about it this way:
1) you can buy the VoodooPC now and spend the next couple of years using that as your main system, or
2) you can get the M6807 now... save that $1600-1800 you would otherwise have spent on the voodoo, and then you can build an absolutely mind-blowing desktop gaming system a few months down the line and still be under budget
But honestly it depends on you. If you want a hardcore gaming notebook NOW that'll play every game pretty fast for at least the next year and you don't mind splurging on it, get the VoodooPC. Otherwise, you can buy the 6807, and save up that hard earned money (especially if you're a college student like me.) Have fun making the decision. Either way, you won't lose.