Mac air good for moderate video editing and light gaming?

So i'm looking to buy a laptop that can preform the above. Gaming would be nothing more than Micraft of light things like that. Also some video editing and graphic design ( GIMP, iMovie, Cineform, ect…)
I was looking at the Lenovo Y510p for a long time but a non-touch screen with windows 8 is not fun. I've had both pc and mac before I'm just wonder if this configuration of a mac air would be ok for the tasks previously stated.
-1.7GHz Dual-Core Intel Core i7, Turbo Boost up to 3.3GHz
-8GB 1600MHz LPDDR3 SDRAM
-128GB PCIe-based Flash Storage
-Apple USB SuperDrive

Some school work will also be done on this. I like the battery life on the air and the ultra portablility but if you have any other suggestions, around $1500 USD, please let me know. All answers are appreciated!