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I try to play .m2ts file produced by my HD Camera.
On my old P4 PC I have only Audio. Picture is frozen.
Now I bought a new Lenovo SL400 laptop (Intel Duo Core, 2GB RAM)
and the picture started to move but freezes after 2-3 sec.

My question is it CPU or Video Card that is not powerful enough to play .m2ts files nicely?

it cannot be cpu an not at all video card. it must be perhaps a license or a pilote or only memory.
Video needs a lot of memory and at least 1066 or more hz. Frozen pictures means something (usually) is not read because all that they need is not present. I can be also a codec/sound or the right connection according to your video-cable genuine.(hoping you understand my little english...). It happens the same thing if you try to put a sony-cd in a tv who accept only fujifilm : sometimes , no sounds, no film, only picture one after the other...So compatilibities problems are software problem usually. the better solution is to give the problem to the seller of your computer, he will understand immediately
why and how. excuse me but I wonder where is the problem whith vlc...

This is not true. My Core 2 Duo 2Ghz doesn't play most 1080p content either. It's simply still not fast enough without Hardware acceleration, which VLC currently does not yet have.

On windows, the fastest h264 decoder atm, is CoreAVC, you would need that, probably with Mediaplayer Classic and a very up to date ffdshow packages (to support the .m2ts fileformat) to view this file. When VLC develops hardware acceleration like some commercial or platform specific players are using, only then VLC will be able to play this.

On windows, the fastest h264 decoder atm, is CoreAVC

CoreAVC is a very good and fast H264 decoder but the fastest one (in software mode) is actually the DivX7 H264 decoder, even though the difference is not that big.
Pros: it supports multithreading and it's free
Cons: it doesn't support deinterlacing

So if you need deinterlacing (PAFF and MBAFF) CoreAVC is worth the money ($15 for the Pro version). And if you have a NVIDIA video card which can handle it, CoreAVC also supprts CUDA accelerated decoding.
Otherwise give DivX7 H264 a try since it's free.
Just for the information

Am I correct here:

support for m2ts is added in the VLC 1.0.0

thanks
Vini