Ok, just my two cents. 
To sum up..
Some games will require more vram / beefier architecture on the card than others. We've already established that.
Some games when maxed out don't look that much better than when on medium or high-er settings, others will and do such as Stalker (IMO).
An old game I know but (again subjective
) Doom 3 is a half decent example. Not 'that' great a difference between medium and ultra settings though defo noticeable imo.
Another point..I remember playing Clear Sky (vanilla) on my old lcd monitor, 1680x1050 with an ATI (AMD) 4870 512mb (not a 768 I appreciate). I wanted to play at that res with at least 2xAA and maximum graphics settings. 'I' could see the difference, not everyone will, which is fair enough. I found that I couldn't get a decent enough frame rate with that set up.
If you are inclined to select auto in the graphics options then a 1gb is not needed in most games. If you are someone that likes to squeeze out a bit more eye candy then you will need more memory and a card with a more powerful architecture.
A lot of this is subjective, I see no clear right or wrong. Life is usually grey in my experience, but that is for 'you' decide.
Do what works for you...

To sum up..
Some games will require more vram / beefier architecture on the card than others. We've already established that.
Some games when maxed out don't look that much better than when on medium or high-er settings, others will and do such as Stalker (IMO).
An old game I know but (again subjective

Another point..I remember playing Clear Sky (vanilla) on my old lcd monitor, 1680x1050 with an ATI (AMD) 4870 512mb (not a 768 I appreciate). I wanted to play at that res with at least 2xAA and maximum graphics settings. 'I' could see the difference, not everyone will, which is fair enough. I found that I couldn't get a decent enough frame rate with that set up.
If you are inclined to select auto in the graphics options then a 1gb is not needed in most games. If you are someone that likes to squeeze out a bit more eye candy then you will need more memory and a card with a more powerful architecture.
A lot of this is subjective, I see no clear right or wrong. Life is usually grey in my experience, but that is for 'you' decide.

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