Depends on the model.
My laptop is 3 years old and has a GMA X3100 GPU. The only thing that I had to do, other than the normal installation tricks for running the game on Vista, was to set the "flipping policy" to "blit" in the graphics driver control panel, and the game ran fine.
That option is no longer available in the drivers for newer Intel GPUs, and I can only recall a few people getting TSL to run on a GMA x4500M; the GPU that came out after mine. Since I don't have the hardware available to me, I'm having a hard time figuring out what's preventing TSL from running while KotOR1 seems to run fine.
Someone else has managed to get it to run on GMA HD, which is the last GPU released before this latest one. Since the architecture of the 2 is very similar, it's a good bet that the games will run on the Sandy Bridge GPU as well, but, once again, it's impossible to be certain without the hardware sitting in front of me.
The main problem with the Intel GPUs (and AMD/ATI ones, for that matter) is legacy OpenGL support. Workarounds have usually been found for Intel GPUs (like 3D Analyze), but things are looking progressively more bleak on the ATI/AMD front as newer drivers are released.
Really, though, the ideal solution would be to find a laptop with an Nvidia GPU as cheaply as possible, because it WILL run KotOR with a minimum of fuss.