My Dell XPS 13 Ultrabook, running Linux with Intel video drivers, has a very similar chipset to the NUC, including HD4000 graphics. Except the XPS I have has a Core i7 CPU rather than the NUC's i5.

1080p playback is quite watchable, but with the odd stutter and some tearing. Good enough for a small (1080p) screen; might not look so great on a wall size screen.

The NUC might be better or worse, with or without different software.

Cheers