No, when you boot up under BootCamp, you are running natively as a true Windows, Intel-based PC.
My point was that if someone is looking to just run Windows 7, a mid-point $800 Windows laptop will perform pretty much as well as a $2000 15" MacBook Pro. The graphics card in the 2.0 ghz MacBook Pro is a low-end discrete graphics card. This level of graphics performance can be gotten in many $700-range laptops.
But, let's be clear -- when you install and run BootCamp, you are running a TRUE Intel-based Windows machine -- not an emulated machine. I just don't think that the BootCamp drivers are that great -- I've had numerous keyboard and trackpad issues in many applications, for example. Just recently, I've had problems running ACDSee Pro 3 under BootCamp because it fails to see the "\" key -- a crucial key for "tag photo". When I run it under Parallels, the "\" key works just fine.
The good news is, you can install BootCamp AND use Parallels to run that bootcamp partition when you don't want to have to reboot your machine. So, for example, if you just needed to run a quick IE9 session or something you could fire up Parallels; if you wanted to play an intense game, you could reboot into BootCamp.
Keith