I have a T550 that I bought a few weeks ago. The T series does not have dedicated graphics (Except in certain regions, from what I understand).
I got it for work, which typically requires several instances of Visual Studio, Explorer Windows open to various folders, Skype, Text Editors, Database admin tools, Web browsers, occasionally Photoshop, as well as our own software to be open a lot of the time.
The Integrated Graphics perform just fine. I expect the only time it will have trouble is if I play a game, which I don't intend to do with this system. Otherwise it doesn't have any problem driving the 2880x1620 screen.
Much the same story for the CPU. I got a i7 5600U, which performs a bit worse than my desktop's 4770K, likely for the reasons camerongray explained (fewer cores as well as low-power). But, again, I expect I would only see this issue if I tried to play games on the system- which is not my intention. The systme would likely be fine with a i5 as well.
Photoshop doesn't appear to suffer from the lack of a graphics card. A dedicated card would either be for games, or for using things like AutoCAD or 3D-Rendering Programs. Otherwise, most other software can just use the integrated graphics.