The i5 is a lower to mid-tier processor but should be fine for STO. Your ATI card will allow you to run the game with ultra settings with two exceptions:
1. Ultra settings will cause your graphics card to get HOT, so heat may become an issue for a laptop.
2. ATI cards have a known crash issue with dynamic lighting, but this can be resolved by lowering the number of dynamic lights and/or disabling dynamic lighting in advanced video settings.
One item you didn't mention was your hard drive. Most new laptops ship with 7200 RPM or SSD drives and should be fine. An SSD drive will provide faster map transfers.
Im no tech/IT expert but the hard drive on the laptop is 500GB SATA. is that as good as the " 7200 RPM or SSD drives" ?Thanks
You'll need to get a bit more information about the drive to determine if it is 7200 RPM. Most laptop hard drives are 5400 RPM (lower noise, lower power requirements). If the drive is 7200 RPM, you should be fine. If you can get a part number out of your config, you should be able to search online for the exact specifications. A user manual for the laptop should also list the RPM speed under hardware specs.
Note: The 5400 RPM drive will also work, it's just that loading the game and map transfers will take longer.