After some more analysis, it turns out the problem I am experience is (as expected) down to the Intel graphics.
It seems there is a problem with scaling - if your graphics are not the native resolution of the monitor, then when the graphics are scaled up/down, it really doesn't like it (high CPU, etc). If they run at the native res, then it's fine (but a bit sluggish - even though CPU is at 1%)
So my guess is, there is no hardware acceleration on this system for OpenGL
It's an Intel 4500MHD for reference