it is decisively beaten by pretty much every graphics card over $100. You can't game at 1080p or use MadVR with maximum settings on Iris Pro.
To be competitive on the desktop, Intel needs something about as powerful as a Radeon HD 7850 or GeForce GTX 650 Ti Boost. As of now they aren't even close.
I built my desktop with a 3.4GHz Core i5-3570K Ivy Bridge. Anyone telling you the HD Graphics 4000 is "good enough" for gaming is full of shit. Even my low rez 1200x1080 monitor, most games struggled to get 30 FPS at anything about the lowest detail level. When I got into Dota 2, that was the final straw. I caved in and bought a Radeon HD 7850 for $150. The difference is night and day. Integrated graphics are still garbage, worthless for anything beyond angry birds.
I dual boot to Linux and have a decent steam library. The only thing I'll give Intel, is that they do make decent open source drivers that perform nearly as well in Linux as Windows. The AMD open source drivers are terrible for gaming. They get 30-80% of the proprietary drivers FPS and have major issues with micro stuttering. And yes, I use the dev drivers from the edgy PPA along with all the tweaks like SB backend. They still suck.