I think your calculations are way off. Where are you getting 34w for the p4600...a system with that processor should idle at 20-25w all in (assuming a single drive)..the p4600 likely uses close to zero at idle as its integrated into the processor. I dont know how the hardware acceleration will be implemented, Nvidia might be a complete waste. Benchmarks dont paint a complete picture. I would wait until its released then buy the card and test, so you can return it if it doesnt help.
You are correct, I got the 34 watts from a random benchmark site "at load" that compared the 750ti "at load" at 60 watts. And if implemented we are not talking "idle". I do understand that nVidia will use the Intel API to some extent. I've been looking at the nVidia API and cuda, decoding/encoding is taking place entirely in the card. I don't think I'm that far off. I will say the enterprise system, (30fps/6kbs) I use at work uses nVidia Quadro cards, without them a workstation or display wall will work, sorta, but is useless...
Not arguing, I just see a HUGE benefit either way.