A constant 120fps while running games like bf4 maxxed out will take the vram to around 2.9gb as its been reported. Add some custom Anti aliasing like MSAA+SGSSAA and you can add another 1GB of ram to that.
I wont buy any card that has under 4gb as i game at 120hz on an IPS panel and i use high amounts of custom AA so for me 3GB is crap and the new console games will easily eclispse that once 12 months are out of the way.
Cached or used, that is the question